When do you pay your student loans back?

Question

After you graduate from professional college or during?

Answer 1

As long as you are still taking classes, you don't have to pay. Payments kick in six months after you graduate or stop taking courses. However, at that point, if you are like me and have a useless degree that was fun to get, you can defer your payments for more 12 months.

Answer 2

Just a clarification, student loans DO NOT go away from a bankruptcy... As of 1998 this is the only way you can get them to go away:

1. If you were forced to repay the loan, you would not be able to maintain a minimal standard of living.
2. There is evidence that this hardship will continue for a significant portion of the loan repayment period.
3. You made good-faith efforts to repay the loan before filing bankruptcy (usually this means you have been in repayment for a minimum of five years).

If any of those apply to you, then you may be able to get a student loan discharged from a bankruptcy.

Now, to answer the question, most student loans are a minimum of 6 months after graduation. Some may be even 9 months (I have a couple that are 9 months).

Answer 3

You go into repayment on federally backed student loans 6 months after you stop meeting the criteria for in-school deferment of payment. This means 6 months after you leave school for any reason--graduating (this means the end of the semester you complete your requirements, NOT commencement day), walking away, taking a leave of absence and failing to return (in which case you are considered to have separated the day the leave began or the last day you attended), or transferring--in which case you may be able to be deferred provided that your grace period has not expired and you enroll at least half time in the new school. You can also end up in repayment if you fall below what the college you are at considers half time (for many schools this is below 6 credit hours for credit hour schools, for clock hour schools it depends on the total clock hours per term your school and program require). Does this mean you can go from an undergraduate Associates Degree program to a PhD without going into repayment? Yes, but you have to go to school continuously in order to do that.

Can you begin repaying college loans while in school if you choose to? Absolutely! And with no damage to you either, in fact repayment early means less interest paid in the long run.

This applies to federal loans only, however, the terms of state sponsored and alternative loans are different. Please be totally familiar with the terms of the loan(s) you are taking BEFORE you sign the promissory note. These debts do not go away, even in bankruptcy, except under certain specific, extraordinary circumstances and failure to pay can result in never being able to borrow for a home or a car or a credit card. It can also mean that your tax refunds are attached and your wages can be garnished for repayment.

Take a few moments and go to this website: http://www.dlssonline.com/borrower/EntrCounselingStart.do and read the entrance counseling information. It will give you the information you are looking for and help you to educate yourself about student loans and their terms and conditions.

Answer 4

The banks will tell you when you go to take one out. Some are during and some are after. Try for the after ones. You could try to not to pay and declare bankruptcy,or the like, but I wouldn't suggest it. That makes it almost impossible to get a loan ever again (like to buy a new car or a house). I would avoid it at all costs. Don't take my word on it, there are entire books on student loans. Try one of them (though their'll tell you the same thing).

Answer 5

It depends on what type of loan program you go with, but mainly after you graduate..

Answer 6

Usually you get a grace period of 6 months before you begin repaying your loan.

Answer 7

You don't. You ask for a break. I know, I know...you'd be taking advantage of the poor destitute banks, but they won't hold it against you

Answer 8

when you get a job.