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Can you make payments during school, or is there some kind of repayment period that begins after graduation?

whenever you want

TheSpanishMain wrote:Can you make payments during school, or is there some kind of repayment period that begins after graduation?

Couldn't you just borrow less money rather than pay during school?

A. Nony Mouse wrote:

TheSpanishMain wrote:Can you make payments during school, or is there some kind of repayment period that begins after graduation?

Couldn't you just borrow less money rather than pay during school?

It's a GI Bill thing. I get a monthly living allowance of about $1,800, which I won't really need to live because of my wife's income. I'd rather just put that towards tuition, but I'd also rather not just front the money at the beginning of the semester out of our savings. I figure if I use loans, I can just pay them every month with the living allowance, and interest will never accumulate.

you pay a 3% origination fee on loans that's probably worse than whatever your savings are getting

TheSpanishMain wrote:

A. Nony Mouse wrote:

TheSpanishMain wrote:Can you make payments during school, or is there some kind of repayment period that begins after graduation?

Couldn't you just borrow less money rather than pay during school?

It's a GI Bill thing. I get a monthly living allowance of about $1,800, which I won't really need to live because of my wife's income. I'd rather just put that towards tuition, but I'd also rather not just front the money at the beginning of the semester out of our savings. I figure if I use loans, I can just pay them every month with the living allowance, and interest will never accumulate.

I get it. Thanks.

you can cancel and return a portion of your loans like 60 or 90 days after disbursement. unlike repayment that refunds the origination fee. you should look into that.

patogordo wrote:you can cancel and return a portion of your loans like 60 or 90 days after disbursement. unlike repayment that refunds the origination fee. you should look into that.

Is this 3% of the full loan amount you take out? on top of the interest they charge?

jkwo07 wrote:

patogordo wrote:you can cancel and return a portion of your loans like 60 or 90 days after disbursement. unlike repayment that refunds the origination fee. you should look into that.

Is this 3% of the full loan amount you take out? on top of the interest they charge?

I think it's 4% for PLUS now, and 1% for Stafford. So if you borrow $100, your debt starts out at $104, and then you pay the 6ish% interest on top of that while you're in school. So by the time you graduate the original $100 is up to about $117, which then becomes the amount that accrues interest as you pay the loans back.