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Graduating college seniors, you probably have a lot on your mind as this final semester of your college career winds down.

No doubt you’ve got finals looming and you’re probably deep in job-hunting mode, not to mention the fact that you probably have to pack up and move in the next few weeks. And there’s one more pesky item that should be on your to-do list if you have a federal student loan: complete your exit counseling session.

If you have a federal student loan, completing your exit counseling session is a requirement. If you have private student loans, it depends on the lender and/or your school as to whether it’s required. I had federal student loans, and when I was a graduating senior, students had to attend these exit sessions in person. This was B.I., of course (Before Internet).

Today, you can sit in the comfort of your dorm or apartment and whiz through your exit counseling session online while in your jammies. And in an effort to cross one more thing off your list, you may be tempted to get it done quickly, without paying much attention to the content.

But please don’t.

Trust me, there will come a day, maybe only a few months down the road when you’ll wish you knew a little more about your student loan. Repaying your student loan is a big responsibility—this time it’s critical to pay attention to the details.

But the exit session is not just about what you have to do. You also have rights as a borrower, and it’s important that you understand them. What if you need to postpone your payments and want a deferment or forbearance on your federal student loan at some point? Is loan consolidation right for you? (Remember that you may not be able to get the same repayment plans, deferment options, loan forgiveness, etc. with private student loans as you do with federal student loans.)

These are just some of the questions that exit counseling can answer for you. So take the time to walk through it carefully and pay close attention. It’s information that you’ll want to know.

For May graduates, student loan repayment begins during November or December following a six-month grace period that is allowed on most federal and private student loans.

Although graduates may understand the value of a college degree, navigating life after college can be overwhelming for many recent graduates. Finding a job, organizing living arrangements and managing finances are just a few of the realities that recent graduates face.

Here are five steps that can help make student loan repayment simpler:

1. Use your six month grace period following graduation to get organized for repayment.

• Get your documents in order—remember to keep copies of any loan documents you sign. If you will make payments to more than one entity, be sure all your loans are accounted for.
• Know when payments are due and the amounts.
• Set up automatic payments to ensure timely payment and protect your credit.
• If you can, make payments while you’re in school. This will help save you money over time, by reducing the interest that accrues and is capitalized.

2. Consider loan consolidation, but make sure you do your research before signing up. Student loan consolidation may be a good option to consider for students interested in combining multiple private student loans into a new loan with a single monthly payment. Customers may benefit from a lower interest rate and potentially lower monthly payments. Repayment typically begins immediately, even for students still enrolled in school, and although monthly payments may be lower, you may pay more in interest over the life of the loan due to the extended repayment term. Be sure you understand the rate, repayment terms, what additional rate discounts may be available, what the cost is to consolidate and if there are penalties for paying off the loan early. Not all lenders offer the same terms, so be sure to do your research.

3. Understand your repayment options. Keep in mind, for federal loans and Wells Fargo private student loans, there is no penalty for making larger payments than the monthly required minimum or paying off the loan earlier than the end due date. With a standard repayment plan, you pay the least amount of interest over the life of the loan. For federal loan borrowers there are additional repayment considerations:

• Extended repayment may be based on a fixed or graduated repayment schedule over a period of up to 25 years.
• With graduated repayment you make lower payments at first, then gradually increase them.
• An income-sensitive repayment is adjusted annually based on your expected income from all sources.
• Choosing any of these plans means your payments are less each month, however you may pay more interest over the life of the loan.

Borrowers also may have the option to defer loan payments for an extended period of time, but need to be aware of the interest that accrues when borrowers choose to defer making payments. Below is an example of how much a borrower will pay in interest, by deferring payments for only 12 months. Think of how quickly the interest amount can grow in just a few years.

4. Keep in contact with your lender or loan servicer.

Notify the lender immediately:

• If you change your name, address, phone number or e-mail
• If you have graduated from or are going back to school
• If you can’t make your payments. A new plan may be arranged.

5. Learn more at Wells Fargo Education Financial Services online or call (800) 378-5526. For additional resources on repayment, please see our Repayment Calculator and Interest Savings Calculator.

I love a good bargain. I'm in awe of those "extreme couponers" who can somehow save hundreds of dollars on groceries. I think part of the trick is taking advantage of "double coupon" days at certain grocery stores. I clip coupons once in awhile and I think I'm doing well if I save a total of $5 or $10 dollars at a time—it would be nice to take advantage of double coupons, but unfortunately my area grocery stores don't offer them.

Doubling up the grocery savings is great, but what if you could do it for your student loans as well? Sound interesting? It is.

Right now, Wells Fargo is offering different discounts on the interest rate you pay for your student loan! For example, if you take out a new student loan, we'll give you an interest rate discount if you have a qualifying Wells Fargo checking account.

That's a pretty good deal on its own, but this summer we're offering an even better deal: When you take out a new Wells Fargo student loan, we'll double the discount you get for a having that Wells Fargo checking account.

Here's how it works: Let's say you take out a student loan for this coming fall semester. If you have a qualifying Wells Fargo Checking Package® checking account, we'd offer you a 0.25% discount on your interest rate, but during our Double Discount promotion that discount doubles to 0.50%. And if you have a qualifying Wells Fargo PMA® account, your interest rate discount doubles from 0.50% to 1.00%.

Just like those grocery store coupons, though, our Double Discount deal does have an expiration date—it's only available from now through September 30, 2012.

College award letters are coming soon, if you haven't received yours already. When you get yours, be sure to review it carefully. Remember, you don't have to accept all the aid listed on your award letter. Every student and family is different, be sure the student aid you're getting works for you.

No-cost options first

If you've been offered any scholarships or grants, that's great. You should definitely accept this no-cost aid—as much as possible.

Low-cost options next

Next, check out your low-cost options. If you've been offered a student loan based on financial need, like the Perkins loan or a subsidized Direct Stafford Loan, this is also a good deal.

Find the loan that's right for you

Once you've fully tapped these no-cost and low-cost resources, it's time to research the best loan option for you. Every student's situation is unique, and no one loan is right for everyone. You don't have to accept the type of aid that's offered on your award letter, if it's not the best choice for you! There are several different types of loans available: private student loans, student loans from the federal government, loans for students, and loans for parents. 

When comparing loans, here are some questions to consider:

• What is the interest rate?
• Do I want a fixed or variable rate?
• Will I need a cosigner?
• Are there any fees?
• What are the enrollment requirements?
• Will I need to make payments while I'm in school?
• Is there a minimum or maximum I can borrow?
• Does the lender offer interest rate reductions or other incentives to borrowers?
• What repayment programs are available

Take time to do the math
Figure out how much you'll need to borrow and take a look at what your payments will be, based on the interest rate offered These calculators can help make it a little easier.

Have a little wiggle room in your budget this semester? Consider making some payments toward your student loan interest.

I know that your budget is probably tight, and each dollar you earn from a part-time job or cash that you get in all those birthday cards is probably being maximized. But this is an idea that could really pay off. Here's why...

When you graduate or leave school and enter repayment the interest that has accrued on your loans is usually capitalized. Essentially that means it's added to the principal balance of your loan and it starts being charged interest of its own.

If you can reduce that interest amount that you're accruing while you're in school it means paying less over the life of your loan.

Say you borrow $5,000 at a fixed 8% APR each year you are in school. Those loans would accrue about $200 in interest each year.

So each year a new $5,000 loan accrues another $200. After four years of borrowing, the loans would've accumulated $2,000 in interest charges ($800 for freshman year's loan, $600 for sophomore year's loan, $400 for junior year's loan, and $200 for senior year's loan).

Add that interest to the principal balance for repayment and you're looking at $22,000. If you paid the accruing interest while you're in school, your repayment balance would be $20,000.

And here's what the repayment of those two scenarios looks like over a 10 year repayment term:

(P.S. I got those numbers using this calculator, if you want to run your own situation.)

That's quite a bit saved over time, wouldn't you say? I know I could use a couple thousand spare dollars!

Is paying interest during school something you'd consider?

It's been almost 5 years since I bought my house. Crazy, huh?

A lot has changed in 5 years. I painted almost every room in the house—some twice. I learned the value of DIY and remodeled both bathrooms in the house. Yes, a lot has gone down in that house over 5 years.

But there is one thing that went down that was not visible to me. Home mortgage rates dropped. In fact, they dropped significantly below my rate. So I evaluated my situation and found that I could be saving a bunch of money if I refinanced. So I did.

A lot has probably changed since you borrowed your first student loan. You've got a ton of knowledge that you didn't have when you started college. You may have graduated and are employed at your first job. You may even be a couple years into repaying your student loans.

Something that you can't see might have changed as well: your credit. If your credit situation has improved, you may want to consider refinancing your private student loans. Technically it's a consolidation loan, but you can equate the process to refinancing another type of credit.

A private consolidations loan lets you pay off one or more loans with a new loan. That new loan has a new interest rate and terms. And you can still use a cosigner if you want to try for better terms.

For me, refinancing my mortgage meant saving about $100 every month! Have any of you consolidated your loans to get a lower interest rate or better terms? Tell us about it.

Are you in the midst of your college search? While you want a school that can offer a great education and an atmosphere that suits you—cost should also be an important consideration.

Once you know what you're looking for in a school, try to keep an open mind until you weigh in the cost factor. College price tags may not be meaningful to you on the surface, so dig a little deeper.

Using tools from The College Board or the National Center for Education Statistics you can quickly learn lots of financial and other details about the schools of your choice. Use the "Compare" tool to line up your choices side-by-side.

For example, for a student who wants to major in business, here is a cost comparison of two similar-sized schools in the same geographic region:

College A: A public university in a suburban setting, offers in-state tuition of about
                      $11,000/year.
College B: A private university in a suburban setting, offers tuition of about $34,000/year.

At a glance you can see the initial costs are widely different, so when you apply, closely examine the financial aid award offered by each school. Carefully compare how much grant and scholarship aid each school has to offer, and how much you'll actually need to borrow to attend each.

Once you know how much you'll need to borrow, it's time for a reality check. When you're talking thousands of dollars, the numbers may not mean much to you—they probably all sound like a lot of money, so start to break it down.

Use a repayment calculator to estimate what your monthly payments will be after graduation. Remember that you may need to borrow a couple different types of loans and their interest rates may differ, so you can use an average interest rate for this estimation.

Looking at your monthly payment amount is a little easier to digest and put into real terms. Think about what you expect to be earning after graduation. This monthly payment amount should be no more than around 10-15% of your monthly income. Talk to your parents about how these payments might fit into your future budget.

While these figures are just estimates, they should play a very real part of your college decision-making process. If you have a "dream school" in mind, be sure that the price is right for you, and if not, that you're open to looking at other options.

Don't you hate it when people tell you to "do the math"? Never my favorite subject, I tend to shy away from "doing the math" whenever possible.

But when it comes to borrowing money for college, some number crunching is inevitable. Figuring out how much you need to borrow and what your monthly payments will be are the basics that every borrower should know.

Fortunately, you don't have to go it alone. We've made it easier for you come up with the figures you need with some online calculators.

Using this link, you'll not only be able to calculate the basics, but you can also figure out the tougher stuff, like how much interest you can save on your student loans by repaying some of your outstanding balance at repayment or by making larger monthly payments.

You can also use our calculator that helps you determine how much student loan debt you can afford based on your expected starting salary upon graduation. It's a good reality check that can help you remain frugal and focused on repayment throughout college.

If you're applying for financial aid and wondering if you should bother completing the FAFSA, the short answer is "Yes, the sooner the better."

FAFSA stands for "Free Application for Federal Student Aid," and it's your first step toward securing the money you need for college. Once you complete the FAFSA, the information is sent to the schools of your choice, and the schools use it to determine how much financial aid you're eligible to receive. This is called your "financial aid package" and you'll find out how much aid each school can offer when they send you your award letter.

Your financial aid package can include various kinds of aid from federal, state, and institutional sources, including money that doesn't have to be repaid, such as grants and scholarships. It will also tell you how much you can borrow in federal student loans.

Once you decide on a school, you should certainly accept all the grants and scholarships available. When it comes to student loans, however, it's smart to compare your options before deciding which loan(s) is right for you.

Every student and family is unique, and no one loan is right for everyone. Carefully explore the federal and private student loan options available to you, reviewing interest rates, benefits, and other loan details. Ask questions of your school's financial aid office and potential lenders you may work with.

If you borrow, be smart about it.

Borrowing money to pay for school is common these days, but be sure you're borrowing carefully with an eye on repayment at all times. Take a look at the projected monthly payments for the amount you intend to borrow. Compare it against the income you anticipate making when you graduate. That can be tough to do when you may not even have a major yet, but ask your parents for guidance when it comes to income projection.

Try to take the edge off repayment if you can by making interest payments on your loan while you're in school. Not only will it pare down the total amount of interest you'll have to repay, it will help keep you budgeting and planning for the day you'll start repaying your loan.

Is that the story for college students who aren't entering high-paying professions these days? Or for students entering an "open-ended" type of major that doesn't lead to one particular career path? (Psychology, history, and English, for instance.)

Personally, I don't think so, as long as you pursue your studies with thoughtful planning and eye toward the future—even if that future looks fuzzy right now. After all, college isn't just about pursuing your passion at any cost. Think of it this way: when you turned 16, you probably wanted a car. Maybe you were passionate about cars and dreamed of owning a Corvette. "That's lovely," your parents said. "Here are the keys to an eight year-old Honda Civic. Enjoy."

And guess what? A Honda Civic will take you anywhere a Corvette can take you at a much more affordable price.

So what's the lesson? Pursue your passion, but pay attention to the price tag. Good advice for any college student, but particularly pertinent to those who may be pursuing majors that don't automatically dovetail into a specific career.

Getting out of analogy world, what does that mean if you want to major in English or history? It means that in order to avoid debt that outpaces your ability to repay, you'll need to think ahead, plan carefully, and pay attention to the numbers (even if you're like me and not very "mathy").

Think about where you're headed. Where is your major taking you? To grad school? To a specific job? Not sure? Start thinking in specifics, and work toward that goal, whether it means working internships to "test drive" some career opportunities and make contacts in your field or researching graduate programs that align with your major and your interests.

Pay attention to the numbers. Focus on keeping costs down when it comes to your education. When it comes time to start repaying your loans (and that day will arrive sooner than you think) you'll be so glad you did. Don't be intimidated by the big figures that get tossed around when it comes to tuition, room and board, and loan amounts. If you're in the process of choosing a school, look long and hard at all these costs, what aid is available to you (especially free aid, likes grants and scholarships) and how the school is willing to work with you. If you're taking out a student loan, learn the details and look at those repayment charts so you can understand what your monthly payments might be. Talk to your parents about the reality of how those payments might fit into your post-college budget.

Plan carefully. Many college students just head off to college and start borrowing. Those are the ones who end up with sticker shock when they enter repayment. Plot your course carefully, so you keep your debt to a minimum. Think about whether starting at a two-year school might be right for you. Consider getting a job right away when you get to campus. See if it's possible for you to make interest payments on any student loans you might have. Keep searching for scholarship opportunities while you're in school. Spend cautiously and avoid credit card debt.