Loan Calculation Results
Understanding Student Loans
What is a Student Loan?
A student loan is designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. The loan is typically repaid after a student completes their education.
Grace Period
A grace period is a set amount of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. This period is typically 6 months for most student loans.
Repayment Strategies
1. Pay more than the minimum payment.
2. Make payments during the grace period.
3. Consider refinancing for a lower interest rate.
4. Explore income-driven repayment plans.
5. Look for loan forgiveness programs.