Congratulations on the final countdown to your last set of finals ever!!! You’ve earned a celebration for all your academic achievements! Despite the celebration and pride that comes with graduating, you might have a little bit of nagging anxiety about when you need to start repaying your student loans.

Today’s post will talk about when your loans are “due”, which really means when you need to start making payments. No worries, that huge bill doesn’t come screeching in all at once 🙂 Estimated read time ~3 min.

Federal Student Loans

All your Federal student loans will now accrue (start adding on) interest, including your subsidized loans which didn’t add interest to your balance while you were actively enrolled in school. You will get a six month grace period where you don’t have to make any payments but interest will be adding up during that period.

Your first payment will be due: six months after graduation, unless you apply for a Direct Consolidation Loan, then your first payment will be due 60 days after the loan is disbursed (paid out).

Private Student Loans

Not all private student loans have a grace period so you may have to start making payments immediately.  Some lenders offer a six month grace period. You’ll need to contact your private loan servicer to find out when your first student loan payment is due.

Your first payment will be due: zero to six months after graduation. You will need to check with your loan servicer to find out when your first payment is due.

Parent PLUS Loans

Parents are responsible for repaying Parent PLUS loans, the balance isn’t transferred to the child upon graduation. Generally parents are expected to start making payments on the Parent PLUS Loan once it’s fully disbursed (paid out). However, parents may request a deferment while their child is enrolled at least half-time and for an additional six months after their child graduates.

Your first payment will be due:  For the parent, as soon as the loan is fully dispersed if deferment isn’t requested or six months after graduation if deferment is requested.

When will you be making your first student loan payment? Let me know in the comments below or on the Repayable Facebook page. If you have any questions or need help feel free to email me jeni@repayable.org on shoot me a DM on instagram @therepayable.