I have a question about financial aide assistance?

D

dante

New member
I am interested in attending Pharmacy School. I know going to school is quite expensive. How long after you graduate from a program do you have before you have to start paying your student loans? Are they monthly payments like everything else in life and due a certain date of every month? If they are monthly payments, are they typically HUGE monthly payments where it will take a nice chunk of my monthly income? How long does it usually take to pay back student loans? Assuming you rack up a lot of money using student loans, I would assume they would give you a while to pay it back right? Accurate information would be greatly appreciated.
 
You must begin payment on your student loans 6 months after you drop below half time or complete school. Below is a link to a repayment calculator it will give you some idea of how much your payments would be. There is also an income based repayment plan if you wind up not making much money. But that's not very likely in your line of study. Good luck.

http://www.finaid.org/calculators/loanpayments.phtml

http://www.finaid.org/loans/ibr.phtml
 
It all depends on what type(s) of loan(s) you take out.

The most common is the Stafford Loan which has subsidized loans and unsubsidized loans.

Subsidized loans are based on financial need. The government pays the interest that the loan my accumulate while you are in school, and you have to begin repayment on the loan 6 months after you graduate or when you drop below half-time.

Unsubsidized loans are not based on financial need, however, you have to pay the interest on them while you are in school. Repayment of the principal begins 6 months after you graduate or when you drop below half-time.

The maximum repayment period for a Stafford Loan is 10 years. Monthly payments range from $50-$500/month.
 
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