Whether you are on the brink of taking out student loans, or you are right in the thick of paying them off, this guide is for you.
Once that’s completed, many other options open up to you, depending on your specific situation.
Whether you are just starting college, or you are getting ready to start paying on your student loans, it’s important to understand what’s involved with repaying your student loans – the sooner you understand the basics of repayment, the better.
We will finish off by discussing deferment, forbearance, and how to resolve any disputes that might arise.
Whether you know a lot or a little about student loans right now, when you finish reading this guide you should be ready to make the best possible decisions as you pay off your student loans.
This means that you will be paying interest on a higher amount after college.
We’ll talk more about this in a minute, but for now, know that if your student loan interest is capitalized, you will end up paying more in the long run.
Returning to school: If you return to school (more than half-time) before the end of your grace period, you will receive the full six-month grace period when you graduate or drop below half-time enrollment Consolidating your loans: If you choose to consolidate your loans (more on that below), then your grace period is immediately forfeited.
You will begin the repayment of your new loan after it is disbursed.
Your loan servicer is the third-party organization assigned by the federal government to handle the “servicing” of your student loans.