Question 1

Do private student loans have the same options?

Accepted Answer

No. Private lenders set their own rules, and federal income-driven plans and forgiveness don’t apply. Contact your lender if you’re struggling.

Question 2

Can I pay during the grace period?

Accepted Answer

Yes. Paying early, even just the interest, can lower what you owe over time.

Question 3

When do I have to start paying my student loans?

Accepted Answer

Many federal loans start after a grace period of about six months once you graduate, leave school or drop below half-time. Private loans vary.

Question 4

How do I find out who my student loan servicer is?

Accepted Answer

Log in at StudentAid.gov to see your federal loans and servicer. For private loans, check your loan paperwork or credit report.

Question 5

What is an income-driven repayment plan?

Accepted Answer

A federal plan that sets your monthly payment based on your income and family size. Available options have been changing; check StudentAid.gov.

Question 6

What happens if I don’t pay my student loans?

Accepted Answer

Late payments can hurt your credit. Federal loans unpaid for many months can go into default, leading to wage garnishment and seized tax refunds.

Question 7

What is the difference between deferment and forbearance?

Accepted Answer

Both pause or reduce payments for a while. Interest may or may not grow depending on the type and loan. Ask your servicer.

Question 8

Should I pay a company to help with my student loans?

Accepted Answer

No. Federal student loan help is free from your servicer and StudentAid.gov. Paid “forgiveness” offers are often scams.

Common questions: Student loan payments