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Repaying Student Loans

Diana Said:

what is the % of disposable income one is expected to pay monthly when repaying student loans?

We Answered:

My friend was actually talking about this the other day. I wasn't aware of the increase to 15%-I always assumed that it was 10%. I asked my pops, who I consider to be a genius, and he confirmed that it is 10%. Hope this helps :-)

dave

Clara Said:

Is anybody here repaying student loans?

We Answered:

My $5,000 student loan was at 4% interest - I ended up paying $61 per month for 9 years (I paid it off early).

Reginald Said:

When do you start repaying your student loans?

We Answered:

All Federal Student Loans have a minimum 6 month grace period of no payments once you stop attending school (quit, graduate, take time off, etc).

As long as you are enrolled in school at last half time within that 6 month period, you will not have payments due.

If you are over the grace period, payments will be due. This is something to keep in mind as well for your existing loans, if you decide to take time off or drop below half time. Once the grace expires on a loan, you will never have it back.

For example, if you take six loans out during undergrad, and take a year off between undergrad and grad school, those 6 loans will enter the repayment phase. Once you enroll in grad school, those undergrad loans go into in-school deferment. You obtain 2 new loans for grad school and graduate. Those 2 grad school loans would go into their six month grace, while your 6 undergrad loans would be immediately due.

So as long as you are registered in school within 6 months, you will owe no payments.

Hope this helps!

Ruben Said:

is there any way to get assistance on repaying student loans?

We Answered:

Check your public library. There is a good deal of information that could help you. Explain to the reference librarian what you are looking for and go from there. There may be financial help within your major field.

Kim Said:

repaying student loans while still in school?

We Answered:

my student loans if I make 200$ it has to go directly to my loans. The next year when i go to school and get a loan it will say i made 200$ and 100% of that is deducted off that years loans, so any money you make put right on loans, or if you can get work under the table that would be great.

Guy Said:

What's the best way to begin repaying student loans?

We Answered:

If you're in the UK

You'll start paying back your loan through your paycheck once you earn above £15k. You can pay it off faster however it's the cheapest loan you will ever have. There would be no point in paying it off to then get a loan from a bank for a car etc

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