For many members of the class of 2014 who borrowed money to attend college, the clock is ticking on what is likely to be their biggest expense after graduation.
They’ll have to start paying back their federal student loans in November or December””as the six-month grace period that lenders give new grads comes to an end. But depending on their income””or lack of income, if they’re still looking for work””some borrowers may be eligible for much lower payments than they’d anticipated.