Determine what kind of loan you have. There are two basic types of loans: federal and private. Within the federal loan category, there are subsidized and unsubsidized loans. The government pays the interest on subsidized loans while you are in school and for six months following your graduation date or the date you dropped below half-time status. Because interest accrues on unsubsidized loans even while you are attending school, it is wise to make interest-only payments while attending classes. That way, the interest is only calculated on the principal after graduation, rather than principal plus interest.
After you have graduated or dropped below half-time enrollment, contact the lender or servicer for your loan as soon as possible. They will attempt to contact you with repayment information, but the process may be slowed if your address has changed. As the borrower, you have the responsibility to initiate contact because you are legally bound to repay the loan.
Once your loan has entered repayment, you will receive statements for your student loan. Always open these promptly and respond with payment by the due date. If possible, pay extra toward the principal of the loan. Although this option may not be noted on the statement, it is always available by request. Many lenders have calculators on their websites that will tell you how much sooner the loan will be repaid if extra money is applied toward the principal.
Check with your lending organization about direct withdrawal options. These types of programs may reduce your interest rate and are more convenient for you and your lending organization.