Do I Have To Payback My Student Loans If I Drop Out

Q: If I dropout of college before I graduate from my degree program, will I have to pay back the federal student loans I used for that program?

A: Yes, just because you do not graduate from college does not mean that your federal student loans will be forgiven, or that they do not need to be repaid. Sometimes this is a misconception borrowers of student loans have, but the fact is, student loans are practically just the same as any other type of loan product. For example, if an individual purchases a car on loan, they are responsible to pay back that auto loan, regardless of what happens to the car. The same holds true for both private and federal student loans.

With federal student loans, students will typically have a six month grace period from the time they graduate or quit school before they enter into the repayment period. However, grace period durations can vary for both federal student loans and private student loans, so it is important to check with your lender to verify when you will be responsible to start making payments on your student loans.

Do Student Loans Show Up On My Credit Report

Q: I am trying to buy a house and was just wondering,…

Filing Bankruptcy And Student Loans

The topic of bankruptcy and student loans can be difficult to generalize…

How To Pay Off Student Loan Debt

If you are like most college graduates, you leave college with some…

When Do I Pay Back My Student Loans

Q: When do I pay back my student loans, and will I…

5 Ways To Minimize Student Loan Debt

If you’re currently in college, chances are that you’re accumulating student loan…

How Much Student Loan Debt Is Too Much

Q: How much student loan debt is too much? More specifically, how…

9 Common Student Loan Forgiveness Programs

Student Loan Forgiveness Programs are federal programs that qualified applicants may apply…

9 Common Student Loan Forgiveness Programs

Student Loan Forgiveness Programs are federal programs that qualified applicants may apply…

Student Loan Debt
10 Real Options For Reducing Student Loan Debt

Reducing student loan debt requires a combination of strategic planning, financial discipline,…

Student Loan Debt
10 Tips On Reducing Student Loan Debt

We have outlined below 10 Tips on Reducing Student Loan Debt to…

Student Loan Debt
5 Tips To Help With Private Student Loan Debt

Private student loan debt is a problem for many college grads today….

Student Loan Debt
Need A More Affordable Repayment Plan For Student Loans

If you need a more affordable repayment plan for your federal student…

Student Loan Debt

Questions For CollegeWhale

Have a college financial aid question? CollegeWhale.com is full on answers! Type your question in the search box to get started.

Sign Up To Win Scholarships

Sign up for The CollegeWhale.com Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.

sign upsign up