NEW YORK (MainStreet) -- New college graduates get a grace period before starting to bear the burden of all those student loans officially. But that six-month cushion is now disappearing.
Loan repayments should start triggering on or around December 1, and graduates need to be ready to start writing checks and organizing payments.
Right out of the gate, the average monthly student loan payment is hefty, at $242 per month, according to Brookings.
Consequently, if you're not ready to pay off that debt right away, that figure will grow exponentially and put you in a financial hole just when you're trying to get your professional life starting.
So don't let that happen - get out front of your student loan debt and be prepared to start paying it off right away.
Jodi Okun, founder of College Financial Aid Advisors and Discover's student loans brand ambassador, says one big key in being ready to roll with your college loan payments is to assess and organize your finances.
"Understand the impact your starting salary will have on your ability to make monthly payments toward loans," Okun says. "Also, create a document that outlines monthly expenses, and set a reminder for payment due dates."