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Hi Rebecca. Your federal student loans enter repayment once you drop below half-time enrollment. You can get help to pay back your loans! Have you considered applying for income-driven repayment. Your payment could be capped at 10% of your discretionary income. Learn more and apply: https://blog.ed.gov/2016/02/which-income-driven-repayment-plan-is-right-for-you/
When it comes to paying for college, sometimes you need a little extra help. If you have already exhausted savings, scholarships, grants, and Federal student aid, private student loans are the next place to look to pay the bills. While private student loans tend to charge a bit more than Federal ones, when they go to use for a valuable degree, they can be very much worthwhile.
You can discuss your repayment options with your lender. If you are unable to make payments while you are in-school, you do have the option to defer repayment on your loan until you are out of school. This option will obviously cost the most money because any unpaid (accrued) interest that is not paid before the end of your grace period will be capitalized — or added — to your outstanding principal balance prior to the start of repayment.
If you’re more about saving as much money as possible, you might want to give the debt avalanche a shot. “With this method, you throw the largest payment you can at your highest-interest-rate debt every month, while paying the minimum payments on your other debts.” By focusing on interest rates rather than the balances, you save more money overall.
Comparisons based on information obtained on lenders' websites or from customer service representatives and are based on student loans where students are the primary borrower as of October 2019. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Terms and Conditions. Aggregate loan limits apply.
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