Federal Stafford Loans – When Do I Have to Pay Back My Federal School Loans?

Upon graduation or taking a break in your college education, college students will have to expect the inevitable – paying back student loans. While in some cases, student loans have fantastic repayment rates, the fact that there is pressure to begin paying back for your college education can be a bit nerve-wrecking.
Stafford Loans are given based on need, rather than on credit. They have a fixed interest rate of 6.8%, and interest is not charged while you are in school, during a “grace period”, or a deferment in payments. As a student, repayment on a Stafford Loan will be 6 months after one of the following occurs:
a. Graduation
b. Leave school prior Government Loans To Start Business to graduation
c. Drop below half-time enrollment.
This 6-month period before repayment is called the “grace period”. Shortly after you leave school or drop below half-time enrollment, information will be sent to you about the repayment process and will be told when your repayment will begin. If you do not receive this information, you are still responsible for repayment, and it’s suggested you contact your loan provider to make sure that you are on schedule for repayment.
You can request a deferment or forbearance if you are unable to make payments. Both are for limited amounts of time and certain requirements will have to be met before the deferment or forbearance request is approved. Forbearance will let you postpone payments without interest, whereas a deferment Get A Loan Via Paypal will let you postpone payments, but interest will be accrued during that time. It is wise to contact the loan provider before making any postponements or delays in payment to see if there are any other ways that you are able to cut down on the amount you are required to pay each month.

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