I am going to apply for financial aid when I go to college. Do I have to pay off the entire loan as soon as I get out of college or can I pay it over time?
2006-12-01 13:11:01 · 5 answers · asked by Kelly 1 in Education & Reference ➔ Other - Education
Hi Kelly,
You pay it over time depending on the amount of loans you have once graduating..
>>If under $7500, you have 10 years to pay
>>If under $20,000 you have 15 years to pay
>>If under $40,000 you have 20 years to pay
>>If under $60,000 you have 25 years to pay
>>anything over $60,000 you have 30 years to pay
Upon graduation, you have a couple options as well.. First you hve to consolidate.. At that pioint, if you dont have money to start paying back the loans, then you can get up to 3 years forebarence..
This means 3 years with no payments even after graduation...
It sounds like you have alot of questions about student loans.. I know how much of a pain it is tryin gto get answers from the financial aid department at your school.. The reason is that there is usually about 6 people in charge of handling questons for thousands of college kids... There is just not enough staff..
Im a student loan advisor for Student Aid Lending, we do both student loan origination, as well as tudent loan consolidation...
My compmay is nationwide, and we are administered by the Department of Education... They regulate the entire process from start to finish...
When you have a chance, contact me either by email or phone, and then i can help you through the process..
You can also feel free to IM me for i am always at my desk...
If you would like, you could also check us out online..
www.studentaidlending.com
or visit my 360 profile for alot of useful information..
http://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1
Look forward to hearing from you!
Jason Fry
1-800-964-0642 ext. 114
jasonf@studentaidlending.com
2006-12-04 03:23:35 · answer #1 · answered by Student Loans 4 · 0⤊ 0⤋
you're able to supply discern information on the FAFSA until you're age 24, become married, have infants or different dependents that stay with you and which you supply greater advantageous than 50% financial help for now and in the path of the subsequent college three hundred and sixty 5 days, you become an orphan or have been a ward of the court docket (in foster care until age 18), you become a veteran of the US military, or you initiate off artwork on a grasp's or Doctorate application. If none of those issues prepare to you, then you actual could nonetheless use your discern information on the FAFSA. It easily does no longer count which you do no longer stay with your mothers and dads, that they do no longer provide your cash, or that they do no longer declare you on their taxes. None of that information is asked for on the FAFSA consequently none of that information is proper. Dependency status is predicated in basic terms on the circumstances i discussed above. in case you do no longer in good condition into any of those circumstances, discern information could be provided. this does not mean that your discern will could cosign on a loan. Federal Stafford student loans (in case you go with to take one) do no longer require a credit verify, consequently do no longer require a co-signer by any potential. based on the information you supply, it appears that evidently like your mom is amazingly low-earnings. this might probable assist you to qualify for greater help, so what precisely is the topic? you're able to get your mom's information at the same time and prepare. the information you have been given by making use of the pros and your college is easily terrific. you're able to be abiding it as a replace of dropping time finding for a distinctive answer from a set of human beings who often don't be responsive to any further appropriate than you!
2016-12-13 18:22:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you pay it over time and you defer your loan sometimes ti lyou find a job. Also if you get a pell grant it is free $$$
Also the navy and army have a loan repayment program 60 k for 4 years service
2006-12-01 13:23:19 · answer #3 · answered by Todd C 4 · 0⤊ 0⤋
It's all over time. Depending on who your borrow it from, they give you some time after you graduate to start paying off the loans
2006-12-01 13:14:05 · answer #4 · answered by Hera 2 · 0⤊ 0⤋
You will begin making payments about 6 months after you stop being a full time student. Your payments will spread out over time.
2006-12-01 13:13:43 · answer #5 · answered by College Advisor 3 · 0⤊ 0⤋