You've graduated from college. Graduation means using your newfound knowledge and beginning your career. It also means paying back your student loans. This six-month grace period provides a terrific opportunity to get your personal finances organized and your debts under control. If you have sufficient income, pay off the interest that has accrued on any unsubsidized Stafford loans before the end of your grace period.
Savvy consumers avoid paying interest on interest by paying it as it accrues.
Better yet, you can get a jump on your loan payments and substantially reduce your borrowing costs over time by prepaying some of the principal balance. You won't incur any penalties by prepaying your Stafford loans. The grace period gives you ample time to organize your student loan records and craft a system that will make it easy for you to file future documents, including several letters you can expect to receive from your lender or loan servicer during the grace period. These documents will tell you how much you owe, detail your repayment options, and ask you to select a repayment plan. Well-organized student loan records will also simplify your life at tax time.