2007-01-26 08:33:08 · 22 answers · asked by . . 1 in Education & Reference ➔ Financial Aid
It depends. Some start accruing interest as soon as you get the money. Others start adding interest when you finish school. Others start when you enter the repayment period (which may be several months after you graduate).
2007-01-26 08:39:25 · answer #1 · answered by Shibi 6 · 3⤊ 0⤋
Depends on the student loan. If its a government backed or guaranteed loan then they are not permitted to start interested until 6 month after your graduation date. If it is a private or parent loan and not guaranteed then it starts immediately. Your financial aid department can provide you a list of your lenders and your loan types.
2007-01-26 16:47:48 · answer #2 · answered by brett.brown 3 · 0⤊ 0⤋
Interest accrues immediately.
If you have a subsidized Stafford loan, the federal government pays the interest while you are in school. If you have an unsubsidized Stafford loan, the federal government doesn't pay the interest - you have to pay it, otherwise it accrues and is added to the principal.
Generally, repayment for Stafford loans begins about 6 months after you finish school. If you decide to go straight from college to grad school, payments won't begin until 6 months after you finish grad school.
2007-01-26 16:48:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on the type of loan - for most loans the interest is deferred until 3 to 6 months after you stop attending school full-time. Check your loan paperwork - it should specify.
2007-01-26 16:41:11 · answer #4 · answered by smm1974 7 · 1⤊ 0⤋
It depends.
If your loan is through the government (Stafford Loans), then it depends on your gualifications through FAFSA. You either qualify as deferred interest (you don't pay any interest while you're in school) or interest paying (you pay interest monthly right from the get-go).
If your loan is from a private company (Wells Fargo, Bank of America, etc) then you have to pay interest on a monthly basis right from the start.
2007-01-26 16:40:11 · answer #5 · answered by ortega_the_first 1 · 1⤊ 0⤋
The interest start accruing when the loan is granted. Unless you agree to pay the interest while you are in school, you do not have to start paying any money back until you are 6 months out of school. Be careful, though, because you will be responsibe to pay back the loan amound borrowed, PLUS the interest after you graduate.
2007-01-26 16:40:39 · answer #6 · answered by Brandon W 5 · 0⤊ 2⤋
I think it is 6 months after but if you phone the bank where the loan was taken from they will let you know.
2007-01-26 16:40:10 · answer #7 · answered by Anonymous · 1⤊ 0⤋
When you stop going to school. As long as you're in school, you do not have to pay on the loan.
2007-01-26 16:42:47 · answer #8 · answered by feistycharley 3 · 0⤊ 0⤋
go to this site and fill out the form, it takes less than a minute. then you'll get help and great advice on how to lower your student loan.
2007-01-27 03:45:11 · answer #9 · answered by bad t 1 · 0⤊ 1⤋
They start charging up the interest immediately but you don't have to start paying it until six months after you graduate or stop going to school...
2007-01-26 16:39:54 · answer #10 · answered by Curiously 5 · 0⤊ 2⤋