Question About Repaying A Student Loan.?
I am going full time starting January 8th, taking general type of classes like biology, algebra, etc.. I have a direct unsubsidized loan of $1500. I keep reading about how students pay back their loans after they graduate and pay interest while in school or whatever but for me, I don’t plan on graduating only because I’m not studying for a degree right now. I’m still trying to decide what degree I’m going for. I don’t plan on taking any classes during the summer (May-August) but will probably register again for Fall.
With that said, can this loan (plus it’s interest) be repaid while the semester for that actual loan is going on? Or should I ask what process would you go through to repay the one loan if you are not graduating. Thanks.
Free Wordpress Plugins said
am February 17 2010 @ 1:45 am
You can immediately start paying your loan. You will either get repayment coupons in the mail or you can pay online. The sooner you pay it off the better as the interest can start stacking up very quickly. Paying off interest and principle while in school will save you a lot of money down the road.
They say graduation because that is the goal of being in school, but the majority of loans, and definitely an unsubsidzed stafford loan must start repayment within 6 months of leaving school, either through graduation or deciding not to continue.
And do not worry about not going for a degree just yet, but I would recommend finding a career counciling class. They are usually just a credit or two in value, but could be very helpful in at least narrowing down possible career choices which will direct your focus on a particular major.
Good luck in school.