When Do I Pay Back My Student Loans


Q: When do I pay back my student loans, and will I be notified before I need to start making my student loan payments?

A: The date that a borrower must start to pay back their student loans can depend on their student status (full-time, part-time, or below part-time), graduation date, and/or the type of student loan. According to the terms of most student loans (both private and federal), if a student is attending school at least part-time, there will be a set period of time after the student graduates, leaves school, or drops below part-time status before the student must begin repayment on their student loans. This set period of time is known as a grace period, and gives the borrower a certain amount of time (typically 6 months) to get their finances in order before repayment begins. Grace period time durations and terms can vary from one type of student loan to the next, borrowers should contact their specific student loan lender with any questions relating to their student loans grace period. Most private student loans also offer a grace period, however the grace period terms may vary from one private lender to the next.

The borrowers school or servicer must give them a loan repayment schedule that states when their first student loan payment is due, the number and frequency of payments, and the amount of each payment. A borrowers monthly repayment amount may depend on the type of student loan they have, size of their debt, the length of their repayment period, and the repayment plan they choose.

When Do You Start Paying Back Student Loans?

The date when you start paying back your student loans can vary based on several factors: your student status (full-time, part-time, or dropped below part-time), when you graduate, and the type of student loan you have (federal vs. private). So, it’s not just a one-size-fits-all situation. Here’s the rundown:

  • Full-Time Students: If you’re attending school at least part-time, most loans (both federal and private) will let you chill a little after graduation or after dropping below part-time status.
  • Part-Time Students: If you’re part-time, you’ll usually still get some time before repayment kicks in, but it’s worth checking your specific loan terms.
  • Drop Below Part-Time: If you drop below part-time status or stop attending school entirely, you could trigger the start of your repayment period, even if you’re not graduating yet.

Now, here’s where it gets a little easier to understand: there’s a thing called a “grace period.” It’s like a buffer zone that gives you time to get your finances in order before you start handing over those monthly payments. For most federal student loans, that grace period is typically 6 months. However, for private loans, the grace period varies depending on the lender. Make sure you read the fine print of your loan terms so you’re not caught off guard.

Pro Tip: Don’t rely on your school to tell you when payments start. Keep an eye on your loan servicer’s communication, and make sure you have a solid understanding of when your first payment is due. Trust us, you don’t want to miss that first payment!

When Will You Be Notified?

The good news is that you won’t be left in the dark when it comes to repaying your loans. Your school or loan servicer will send you a loan repayment schedule. This document is your roadmap—it tells you exactly when your first payment is due, how often your payments will be (usually monthly), and how much you’ll need to pay each time. It’s your “hey, time to get serious” letter, and it’ll include all the details to help you plan accordingly.

The repayment schedule also lays out your loan terms, including the total amount you owe, the interest rate, and the repayment period. The earlier you start paying attention to this, the better! That way, you can plan your budget and avoid any last-minute panic when the bill arrives. Don’t forget: if you’re on an income-driven plan, your monthly payment could change depending on your income, so be ready for some flexibility in those numbers.

Grace Period: How Long Do You Get?

The grace period gives you a little breathing room after graduation (or dropping below part-time) before you start making payments. Typically, it’s six months for federal student loans, but not all loans are created equal, so it’s important to know your loan terms inside and out.

If you have federal loans, your servicer should send you a reminder when the grace period is ending. But be warned: just because they remind you doesn’t mean you can relax. As soon as that grace period ends, the clock starts ticking on your repayment schedule, and it’s time to start paying up!

Pro Tip: If you’re not sure how much you owe or when payments start, don’t wait for your servicer to send you a letter—log in to your loan servicer’s website and check your account. It’s always better to be proactive than reactive when it comes to student loan payments.

For private student loans, the rules can vary. Some lenders offer a grace period, but others don’t. If your lender does provide a grace period, it’s usually much shorter than federal loans—so it’s even more important to reach out to them directly to confirm what you need to do. Unlike federal loans, private loan servicers might not be as diligent about sending reminders, so make sure you’re staying on top of things.

Will You Be Notified Before You Start Payments?

Yes, you will be notified. Your loan servicer or your school (depending on the loan) is required to send you a loan repayment schedule. This schedule will include:

  • First Payment Due Date: The exact date when your payments start rolling in.
  • Monthly Payment Amount: How much you’ll need to pay every month. This could vary based on the repayment plan you choose.
  • Repayment Terms: The overall length of your loan repayment, and what kind of payment plan you’re on (standard, income-driven, etc.).

Getting this repayment schedule early is important—it allows you to get your financial ducks in a row. It’s way better to start thinking about this early on than get blindsided when the payment starts showing up on your calendar. And remember, paying attention to that paperwork isn’t just about the due date. It also gives you a chance to explore your repayment options, like income-driven repayment or a graduated plan, so you’re not stuck with an amount you can’t afford.

What Affects Your Monthly Payment?

Your monthly student loan payment is influenced by a few things:

  • The Size of Your Loan: The bigger your loan balance, the higher your payments will likely be.
  • Your Repayment Plan: If you choose a longer repayment period, your monthly payment might be lower, but you could end up paying more interest over time.
  • The Interest Rate: A higher interest rate means higher payments over time. If you have federal student loans, you’re typically stuck with the rate you signed up for, but with private loans, it can fluctuate if you have a variable rate.

And here’s where things can get tricky. If you’re struggling to make your payments, don’t just ignore the problem. Your loan servicer will likely offer options for modifying your repayment plan. For example, if you go for an income-driven repayment plan, your payments could adjust based on your income. This can help if you’re still getting settled into a new job or dealing with financial challenges. Just remember that you’ll have to apply and meet the eligibility criteria, so don’t wait until it’s too late!

Final Thoughts: Plan Ahead!

So, when do you pay back your student loans? The clock starts ticking after your grace period ends, but you’ve got time to prepare. Your loan servicer will notify you of your first payment and send you all the details in your loan repayment schedule. Don’t let it sneak up on you—stay on top of the due dates, payment amounts, and any changes to your loan terms.

Whether you have federal or private loans, understanding when your payments are due, how much you’ll be paying, and what options you have for repayment will set you up for success. If you’ve got any questions or doubts, don’t hesitate to reach out to your loan servicer—keeping that communication open will make your life a lot easier in the long run!

Expert Picks for Student Loan Debt.

CollegeWhale.com has been a trusted source for college financial aid information for nearly 2 decades! We have been on a mission to connect students (and parents) with free money for college and we haven't stopped yet! Take a look at our Editor Picks for Student Loan Debt

1
next article

Federal And Private Student Loan Grace Periods Explained

Once you graduate from college, it is not typical for you to…

Student Loan Debt / Editor Pick
2
next article

Paying Student Loans Back During Grace Period

Q: Can I start paying back my student loans during the grace…

Student Loan Debt / Editor Pick
3
next article

Avoid Student Loans Without a Clear Career Path

An Unpopular Opinion: Do Not Take Out Loans for College Unless You…

Student Loan Debt / Editor Pick
4
next article

How To Avoid Too Much Student Loan Debt

Often times, the key to avoiding too much student loan debt is…

Student Loan Debt / Editor Pick
5
next article

9 Common Student Loan Forgiveness Programs

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

Student Loan Debt / Editor Pick
6
next article

The Difference Between Loan Default And Delinquency

Understanding Student Loan Delinquency and Default When it comes to student loan…

Student Loan Debt / Editor Pick
7
next article

10 Real Options For Reducing Student Loan Debt

10 Strategies to Reduce Your Student Loan Debt Reducing student loan debt…

Student Loan Debt / Editor Pick
8
next article

9 Tips For Help With Student Loan Debt Relief

Student Loan Debt Relief: What You Need to Know Student loan debt…

Student Loan Debt / Editor Pick

Next Up For Student Loan Debt.

Financial Aid Answers.

Check out all of the awesome college financial aid information we have available on CollegeWhale. Our financial aid experts provide answers to many of the most common financial aid questions and provide tips to make paying for college easy.

Student Loan Calculators and Rate Tools


Best Private Student Loan Rates

Compare current rates and pros / cons of the top lenders.

Try It

Unbiased, Unaffiliated Lender Comparison


Student Loan Refinance Rates / Calculator

Refinance your student loan and save money.

Try It

Up-to-Date Refinance Rates with AI


Student Loan Rates / Repayment Calculator

Calculate your repayment options and monthly payments.

Try It

Up-to-Date Lenders Rates with AI