Kaira
When is the best time to pay back a student loan?
Hi. I’m asking about student loans because I am currently a senior in high school and I plan on going to college. College is expensive and I’ve applied for many scholarships but I’m not sure if that’s enough money. I think I might have to take a loan. If I do I want to know when is the best time to pay it back to the government so I won’t be in debt for the rest of my life. #college #loans #money #educational-technology
2 answers
Eboni Bee-Anderson
Eboni’s Answer
If you absolutely must take out a loan, you will want to begin payments immediately. If you plan to work while you attend college and are able to begin paying off your loans at that time, go for it! If you know that you will have to wait until you graduate and get a job, your best option is still to begin making payments immediately.
Be sure to check out Pinterest for some ideas on even more scholarships that you could apply for. Certain fields of study may also offer grants to students who are pursuing a degree in that field, and if you intend to take a job in a government sector, there is a potential for student loan forgiveness. Don't give up on your search for free money. You would be surprised by all of the scholarships and grants available. I've seen scholarships for green eyed people or people with red hair.
Best of luck!
Meridyth Mazer
Meridyth’s Answer
Hi Kaira,
This is a great question! When you take out a student loan from the federal government, you typically don't have to start paying it back until you are 6 months out of college. There are many different types of loans out there. However, when it comes time to pay it back, there are many different types of payment plans that are available depending on your financial situation. You can start paying small installments while you are in college to offset your interest. My suggestion is to do some research on the different types of loans available and payment options. You can check out the Federal Student Aid website at this link: https://fafsa.ed.gov/. You might need to sit down with your parents/guardians to do this since it may be dependent on their financial situation. You can also speak with your guidance counselor at school who is there help you make decisions about your future. When you do finish your education, there will opportunities offered by some companies to help you pay back student loans over time as well. For me, taking out a loan has helped further my education and my career. Loans are there to help you get your education. It may take time to pay back but in the long run, it will always be worth it.
Meridyth recommends the following next steps: