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When Do I Start Paying Back My Student Loan?

25/03/2022

There are annual and lifetime limits for Direct Subsidized and Unsubsidized loans, however, so students might not be able to cover the full cost of college with these federal loan options.

Once a student reaches the limit on Direct Subsidized and Unsubsidized Loans, in most cases they can access Direct Grad PLUS and Parent PLUS Loans.

2. Private Student Loan Options

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Private student loans have different terms depending on the lender. Unlike federal student loans, private student loans typically require applicants to pass a credit and income review to verify that they will be able to repay the loan.

Because most students don’t yet have enough credit history or steady income to qualify on their own, private student loans are often cosigned by someone like a parent or guardian who can meet the criteria and take equal responsibility for repayment. The loan will appear on the credit bureau report for both parties the student and the cosigner.

Our credit pre-qualification tool allows borrowers or cosigners to find out if their credit qualifies them for a loan, and what interest rates they can expect.

  • Learn more about the difference between federal vs. private student loans.
  • Learn more about cosigners for private student loans.

Another popular question brought up when on the topic of student loans is How are student loans paid out?. Repayment terms on student loans vary based on the type of loan. Federal student loans are often designed to be paid off within 10 years, whereas private student loans might differ based on the lender’s terms.

Students usually won’t have to begin making their federal student loan payments until six months after graduation (or if they drop below half-time status). That said, you always have the option to begin making payments while you’re still enrolled in school.

Many private lenders also offer the option to delay payments until after school, and some, like College Ave Student Loans, offer in-school repayment plans, too. If you can begin making payments during school even small ones you’ll usually save money in the long run because you’ll pay less in interest charges.

How Much Will I Owe on My Student Loan Each Month?

This amount will differ for each student based on the amount they borrow and their interest rate. At College Ave, we offer a student loan calculator that allows borrowers to calculate how much their loan will cost and what their monthly payments will be.

Once it’s time to begin making monthly payments https://paydayloan4less.com/payday-loans-mt/, lenders commonly offer the option to enroll in automatic payments, which allows your monthly payment to be regularly debited from your bank account. This can be a convenient option since you’ll never have to worry about missing a payment. As a bonus, you’ll often get a reduction on your interest rate for setting up auto-pay.

If you’re looking to cut down on interest costs, you can always make more than the minimum required payment each month. Even if you’re unable to pay off your loan in full before the repayment period is up, any little bit beyond the minimum can help especially when you’re talking long-term.

Just be sure your lender won’t charge you a penalty fee if you pay your loan off early. While that type of fee is not common with student loans, it’s always a good idea to confirm.

If You Still Have Questions About How Student Loans Work…

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If you have any questions about how a specific student loan works, contact us for clarification before you apply for a student loan. Taking out a student loan is a big decision and how you handle paying it back can affect your credit score. Your credit score can influence future loans and interest rates, so you’ll want to make sure you understand the terms and conditions of your loan before you sign.

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