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.