Whether you want to earn your degree from a local community college, an online degree program, or a costly private school, you will likely be taking out student loans to finance this. Student loans are the reality for most students, since federal grants usually will not cover the entire cost of your education. Taking out student loans to pay for college may not be desirable, but it is usually worthwhile. If you, like many students, are worried about paying these loans back after graduating, you should be aware of some borrower options that can make repayment a little easier on you.
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Student loan holders are typically given a grace period of about six months after graduating from their degree programs. In the past, this may have been ample time to find a job and prepare yourself for beginning repayment, but for many graduates today, finding a first job is a time-consuming process. It may take you longer than you anticipated finding employment, and your first job may not provide you with the income that you need to make high payments on your loans. Many students are concerned about taking out loans because they fear they will not be able to start repayment immediately or be able to afford large payments. Fortunately, help is available.
Depending on the type of loan that you have, you may be eligible for graduated repayment. Federal loan holders can opt for this plan if they qualify. Graduated repayment is a repayment plan in which the size of your payment gradually increases over time. Typically, your payment would increase every two years. This option allows for increases in your income.
A similar option is an income-based repayment plan. This option allows you to make payments on your federal student loans that are based on your income and the size of your family, meaning that you will be able to afford your payments. This is a good option for students who are afraid that they will be unable to afford large loan payments because of the size of their income.
For students who have borrowed a more significant amount of college money, typically over $30,000, an extended plan may be available. An extended payment plan allows you to pay off your plan over a longer period of time. This means that smaller payments and a plan that is spread out over extra years. Of course, you'll end up paying more interest over time with an extended payment plan.
If you face economic hardship or unemployment, or simply if you want to return to school or participate in a volunteer organization such as AmeriCorps, deferment may be an option. Deferment means that your loan payments will cease temporarily, until you are able to resume them.
A similar option is forbearance, which is typically granted if your loan is in danger of going into default. Like deferment, principal payments will be put on hold. Of course, you will still be responsible for all interest that accrues during your period of forbearance.
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