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With college graduation ceremonies taking place this spring, how can students get off to a good start when it comes to managing their student cash advance repayments?

cash advance restructuring is one option. A Federal restructuring cash advance combines all eligible cash advances into a single, new, federally guaranteed cash advance that has a longer repayment term, a fixed interest rate that cannot exceed 8.25 percent and the convenience of one monthly payment. Most essential, borrowers who apply for a Federal restructuring cash advance before July 1 can potentially lock in an interest rate as low as 4.75 percent for the duration of their repayment period, which can extend as long as 30 years.

Before restructuring, however, borrowers should carefully think about their decision, says Patricia Scherschel, vice president of cash advance restructuring for Sallie Mae, the nation's leading provider of education funding and the largest restructuror of student cash advances. While restructuring is beneficial for most education cash advance borrowers, it is essential that they make an educated choice, she says.

"This is the start of a long-term financial relationship with your restructuring cash advance provider," says Scherschel. "Make sure you take time to ask questions and get a full understanding of your interest rate and possible discounts before signing on the dotted line."

Scherschel offers the following techniques for borrowers who may be exploring cash advance restructuring.

• Contact your college financial aid office for recommendations and information on reliable and trustworthy lenders. Because restructuring lets borrowers extend their repayment up to 30 years, it is essential to choose a lender with a solid reputation, industry experience, flexible repayment options and superior customer service.

• Investigate a lender's borrower benefit program. Many lenders, including Sallie Mae, will offer interest rate reductions for paying on time or using direct debit. Be sure to read the fine print of the benefit program being offered, including if, when and how you qualify for the benefit, as well as how you could potentially lose it.

• Be cautious of the word "free." While lenders are not permitted to charge borrowers a fee to restructure their cash advances, restructuring cash advances are not interest-free. It is essential to understand all of the costs up front.

• Keep on top of deadlines. On July 1, interest rates on federally guaranteed education cash advances are expected to rise. Borrowers who restructure at today's interest rates could save hundreds, even thousands, of dollars.

"restructuring is the key to protecting yourself from an interest rate increase," Scherschel says. "After the final exams are over, current students and this spring's graduates should have a one-track mind: getting their restructuring application in before midnight on June 30."