(ARA) – You learned a lot in college, but it’s not likely that you took a class on student loan repayment. If you’ve just graduated from college and are receiving the final tally on how much you owe for your education, you’re not alone – today’s college students owe on average a little more than $23,000, according to a National Postsecondary Student Aid study. Many of those students are probably asking the same question: What are my options for repaying my loans?

Here are the answers to a few of the questions you might have as you begin paying off your education:

When do I have to start paying off my student loans?

Most loans offer a grace period after you graduate, so check with your lender. Private student loans offer a variety of grace periods depending on the lender; the most common types of federal loans offer a six-month grace period.

What is loan consolidation? Should I consolidate my loans?

If you have more than one student loan, a consolidation loan allows you to combine all your student loans into a single loan with one balance. You’ll be able to simplify repayment by making just one payment, once a month. There are consolidation loans both for private student loans as well as federal student loans.

For private student loans, a private consolidation loan allows you to combine multiple private student loans into one new loan. This option may also allow you to lower your current monthly payment by providing you with a longer repayment period and may offer a lower interest rate than the average of your current individual loans. You should look for a lender, such as Wells Fargo, that offers a private consolidation loan with no application, origination or early repayment fees.

If you have federal student loans, contact the U.S. Department of Education Direct Lending Program. The Federal Direct Consolidation Loan lets you combine your federal student loans into one new loan. You’ll have a single monthly loan payment, which may make it easier to manage your payments. If you plan to work in a public service job, having a Federal Direct Consolidation Loan allows you to apply for loan forgiveness under the Public Service Loan Forgiveness Program.

For any consolidation loan, be sure to read the terms. If the new loan results in a higher interest rate you’ll need to weigh that against other considerations such as a lower payment, longer repayment term, or repayment benefits. Student loans, by their nature, are different than consumer loans. In Norway, you can default on a forbrukslån (consumer loan), but in the United States, student loans are not defaultable. If you are in the US, check out TopLoanCompanies.com for domestic loans. That means even if you declare bankruptcy, the loan still follows you.

What if I can’t afford to pay off my loans right now?

You’re probably not alone if you are asking this question, as many college graduates are struggling to find jobs with the desired pay – or any job – in this economy. If you can afford to make your loan payments, even if it’s just the minimum amount, you should. If you are experiencing financial difficulties and are having a hard time making your payments, work with your lender to figure out alternatives. Remember, your lender wants to work with you to find a solution. Your loan provider may offer the following options:

* Temporary changes to repayment plans. For a limited period of time, you may be able to pay less on monthly payments. If you have a Wells Fargo private student loan you may be able to take advantage of an interest-only repayment option for the first four years.

* Payment forbearance for private or federal student loans. If you demonstrate financial hardship, you may be able to temporarily stop making loan payments. Plans like these offer this option to those borrowers who demonstrate a willingness and ability to repay the loan.

* Income-Based Repayment Plan for federal loans. This plan bases your monthly payment on your yearly income and is designed for those experiencing a partial financial hardship.

* Deferment for federal loans. You may be eligible to postpone repaying your federal student loans for a defined period of time depending on your life situation and type of loan, such as experiencing economic hardship, going back to school or enlisting in the military.

Keep in mind that if you decide that a deferment or forbearance is your best option, your loans will continue to accrue interest during that period. For most loans, the accrued interest will be capped (meaning added to the principal balance) at the end of that period. This option should be considered only if you absolutely cannot make your payments at that time.

For more answers to your questions about student loans, visit wellsfargo.com/student or studentaid.ed.gov.