<p>My May grad got his loan mail on Saturday. They had mailed information back in early June so he wasn’t shocked. Plus Dear Mom has been reminding him that he needs to put aside some of his paycheck to have a cushion to make his payments if his work dries up.</p>
<p>I am going to suggest automatic payment from his checking. My S also has some saved cash and is considering paying down the loan. His question for us is how much to pay down and how much of his savings to keep in order to have an emergency fund. His hours at work vary depending on how much work his employer has so he needs to keep some reserve for months when he doesn’t earn enough to make his payment plus live.</p>