It’s that time of year. I'm not talking about the holiday season . No, what I'm speaking of is likely the antithesis of this light-decorated, tree-trimmed, cheerful season that is upon us.

It's the time of the year when May graduates come to the end of their grace period on their student loans and begin the daunting task of repayment. Not the kids "jingle belling " and "much mistletoeing " you were expecting, huh?

The first payment on Federal Stafford Loans  is due within 60 days of your six-month grace period's end. So, what should you do when that "welcome to repayment" letter arrives?

First, don't freak out. In a perfect world, you'd be settled into your first job and have saved money during your grace period in anticipation of your first payment. Well, the real world's not perfect. You may not have your life in a neat and tidy bow  quite yet, but it's OK.

Second, remember that your lender is there for you. Now is not the time to hide under a cozy comforter and expect your student loan obligations to go away, so ask your lender for help. Your lender understands that you might be having a tough time as you begin repayment—and will talk you through your options.

For example, you may be able to take advantage of other repayment schedules that start out smaller and increase over time or those that are based on your income. Another option is to talk to your lender about requesting to temporarily postpone payments because of financial hardship. Just remember that this option may cost you more over the life of the loan because interest continues to accrue and will get capitalized (added to the balance of your loan) once you resume making payments.

You can also ask your lender about consolidating your student loans. For some borrowers, this is an excellent option tosimplify repayment. We're planning on delving deeper into consolidation soon—so keep reading.

And remember, you can talk to us and other readers, too. When it comes to repayment, what's on your mind?