When should I start repaying my student loan?
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Justin Draeger
Spokesperson, National Association of Student Financial Aid Administrators
www.nasfaa.org
Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.
When should I start repaying my student loan?
This video will explain the best ways to reduce your student loans quickly, and save money while doing so.
This expert: 89,715 views
This series: 46,792 views
Transcripts
Host: When should I start repaying my student loan?
Justin Draeger: When you began paying your student loan would depend on the type of loan that you have, Federal Stafford Loans which are the most common type of federal student loans begin six months after you graduate, drop a low half time status or withdraw. And that length of period is called your grace period. For Perkins Loan borrowers you have nine months of grace.
For graduate students who are borrowing PLUS loans, you will begin making your repayments immediately after you graduate with a drop below half time status and for parents who borrow PLUS loans, your loans will become due within 30-60 days after their full disbursement.
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