Do you start paying off your student loans once you’re completely finished with school?
I’m going to community college for now and then I’m transferring to university. Do I have to repay my student loans for community college as soon as I transfer, and then pay my university loans as soon as I’m done there, or do I just start paying off the lump sum once I’m completely with my degree?
- nancyLv 73 months agoFavorite Answer
In terms of federal student loans, when you cease to be enrolled at the community college, you will enter your 6 month grace period. When that grace period ends, you will need to begin making payments on your loans. You do not have to pay the entire amount before entering another school--you only have to make payments based on the payment arrangement you select (typically, you would have 10 years to pay off the loans). Once you enter another school and begin classes there, you can either continue to make payments, or you can apply for an in-school deferment which will allow you to postpone your payments again until you graduate or drop below half time at that school.
- Spock (rhp)Lv 73 months ago
repayment begins nine months after school ends ... transferring schools doesn't cause immediate repayment obligationSource(s): grampa
- Anonymous3 months ago
I have no intention to pay off the loans, when the Democratic president takes office it won't be necessary.
- MarkLv 73 months ago
When you are completely done, and I believe there is a built-in-three month clause (for people who leave school during the last quarter and have to wait another quarter to start classes again).