The Ultimate Managing Student Loans Quiz

A total of 66 percent of students in the U.S. borrowed money for college.

Loans are in grace for the time you are a student plus a specified time after graduation. During a grace period, you do not need to make loan payments.

Unsubsidized Federal Student Loans start accruing interest the moment you take out the loan.

Subsidized loans start accruing interest after graduation.

The system provides information on your student debt principal and interest amounts.

The standard repayment plan is a fixed monthly amount over a 10-year period. It is very important to make all your payments by the due date.

You may select an extended payment plan for between 12 to 30 years. Be aware that additional interest charges from selecting an extended plan will increase the total amount you must repay when compared to the 10-year repayment.

Usually there is no prepayment penalty, so pay as much as you like as early as you can. Congratulations on doing so well at your job!

Federal Student Loan rates may accrue a lower interest rate than your credit cards. Do not be tempted to pay your higher interest credit card debts instead of your student loans.

If you are having a tough time, find out if you will qualify for a forbearance or deferment. Contact your lender as soon as possible.

Full-time elementary and secondary school teachers may be eligible for loan forgiveness. There are some stipulations, so you will need to inquire with your school's financial aid office or lender.

Student loans are not usually discharged by bankruptcy.

Consolidating your loans will put all the loans together in one repayment package, making it easier to keep track of different loans from different lenders. The U.S. Department of Education and your lender will help you with consolidation services.

Consolidating uses the average interest rate of all the loans.

That would be wonderful, but only the interest portion of the payment is deductible.

Defaulting will lower your credit rating significantly for many years.

Forbearance is a temporary stop of payments or a decrease in the payment amount. To qualify, your debt must be greater than 20 percent of your gross income.

Loans may be deferred while you are in school, if you are unemployed or having an economic hardship. Contact your lender for more information.

One way to decrease the amount of needed debt is to be awarded college scholarships. Schools offer many academic and sports scholarships to entice top students to attend.

If you are a doctor or lawyer, you may qualify if you work in specific lower-paying positions. Ask your school's financial aid officer.