Student Loans-when to repay

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Okay, I was talking to another classmate today about the economy and lack of jobs (for every profession). Anyways, I stated I was glad that I would not be graduating this May (yes-for the 1st time in NS, this came out of my bif, fat mouth) because it would really suck to have to start paying the student loans back in 6 months without a job. My classmate stated that you have to start paying them back immediately after graduation-that her loan company called her not even a month after graduation. Is this true? Is it right away or 6 months after graduation? Thanks for the help...

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Specializes in Nursing Professional Development.

It depends on the terms of your loan. Not all loans are alike. You'll have to read the paperwork you signed when you took out the loan. It should tell you when you will be expected to start repaying the loan.

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Specializes in NICU, Post-partum.

Most student loans are 6 months...but if you took out private loans they may have different terms.

However, you have to remember that you rack up the interest when you don't pay.

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Specializes in NICU.

the terms sf my loans specifically states that I have a 6 month grace period after I graduate before I have to repay back my loans. Make sure to look at the parework that came with your loans, or look it up to see what yours says

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Specializes in Emergency Dept. Trauma. Pediatrics.

If they are the federally funded?? whatever it is called, secured loans it should be 6 months. Not sure about private ones. I got some when I first started Pre Reqs and was pulling a full course load (17 credits a quarter-not semester) then I took a break and was repaying them (always paid during school for interest payments) When I started school again after I became a resident I paid cash for my classes and now that I just applied for loans again for Fall Semester they sent me something saying since I was in school again I could stop paying. I will keep paying though.

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Specializes in NICU.

My private one has the 6 month grace period

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I have the federal loans that they offer in financial aid packages, it says you have 6 months to pay from the time you drop below full time status.

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Specializes in Psych ICU, addictions.

6 months after graduation is standard. Also, if you are unemployed at that time, most loan companies will extend that period providing you can provide proof you are ACTIVELY looking for work. But as it's been mentioned, each loan's terms are different, so the best place to get answers is from the company that wrote your loan.

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