When PhD student loan payments start
You can choose to make payments on your student loans either as soon as you graduate or wait until after you’ve started working. Different types of loans have different requirements:
You have six months after graduation, leaving school, or dropping below half-time enrollment to begin repaying Federal Direct Unsubsidized Loans. However, interest must be paid beginning with the funding date. It will be added to the loan’s principal if you don’t pay it while you’re in school.
To avoid this from contributing to the overall amount you will have to return, you may opt to make interest-only payments during your time as a student.
When it comes to paying back your Direct Unsubsidized Loan or Federal Grad PLUS Loan, you have six months after graduation before you have to start making payments. You can make interest-only payments while you’re in school, and you’ll be responsible for paying back the principal once you graduate.
When it comes to private doctoral loans, the restrictions might vary slightly from lender to lender, but in general, you won’t have to make payments while you’re still in school, and for the first six to nine months after you graduate. Typically, you’ll be on the hook for interest charges beginning with the funding date.
The terms of your loan may allow you to make interest-only payments, installments that include both principle and interest, or to delay payments altogether. If you choose the third alternative, though, interest will continue to accumulate while you’re a student, increasing the total amount you’ll have to repay.
When it comes to paying for college, you may be eligible for financial aid from your employer if you’re majoring in a subject that’s directly applicable to your line of work. If you want to discover if your firm offers any employee benefits, contact human resources.