How do student loans work for grad school?

In summary, the conversation is about the process of taking out loans for undergrad and how it affects repayment during grad school. The individual is concerned about having to start paying off loans in grad school, but others suggest that the loans are typically deferred until the student is no longer in school. They also mention the possibility of having enough money from a TA position to make small loan payments, but it is advised to focus on passing the qualifier instead of worrying about loan repayment during grad school.
  • #1
Poop-Loops
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I got a federal subsidized loan and had to take out extra via Sallie Mae. Ummm... how does that work with grad school? I admit I was dumb enough not to ask when I was applying, but they said you have 10 years to repay, so I thought you wouldn't start repaying until you were completely out of school. I got a statement today saying that basically I have 6 months after undergrad to start repaying.

From what I know, grad school tuition should be waived + stipend because of TA/RA position and fellowships, correct? But is that enough to start making small payments, or how did you go about it? Sorry if this was posted before (especially in ZZ's blog. I read most of that, and it didn't come up I don't think...)
 
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  • #2
I would guess you have enough to make small payments.

I would look into it. Call schools and find out how much you would get paid.
 
  • #3
Pay for grad school? They should pay you for grad school!
 
  • #4
Let me rephrase my question:

I am taking out loans for Undergrad. They expect me to start paying them back 6 months after I get my BS.

What do I do about those loans in grad school? Start paying them off, or does it still somehow get postponed until I'm totally done with school?

I know they should be paying me for grad school. ;)
 
  • #5
The loans are deferred until you are no longer a student (whether it is a grad student or whatever). You might have to have the school where you attend for grad make sure they don't start expecting you to pay- but I have only found a few people who got jerked around by this.

I wouldn't start paying the loans until you must, especially if they are at a low interest rate. Typically, you don't get a lot of money from a TA position, enough to eat and pay rent and maybe go out to lunch once a week. This, of course depends on the school and the cost of living near the school. My guess is that you will not have enough to start making payments. Or maybe you live more frugally than others.

So, do not worry about that part of grad school I say. Worry about passing the qualifier!

Cheers,
Ryan
 

1. What types of loans are available for graduate students?

There are several types of loans available for graduate students, including federal student loans, private student loans, and institutional loans. Each type of loan has its own eligibility requirements, interest rates, and repayment terms.

2. How much money can I borrow through a graduate student loan?

The amount of money you can borrow through a graduate student loan depends on several factors, such as your financial need, the type of loan, and the cost of attendance for your specific program. It is important to carefully consider your budget and only borrow what you need to cover your education expenses.

3. Do I need a co-signer for a graduate student loan?

It depends on the type of loan you are applying for. Some private student loans may require a co-signer if you do not meet certain credit or income requirements. Federal student loans do not require a co-signer.

4. When do I have to start repaying my graduate student loans?

The repayment period for graduate student loans typically begins after you graduate, leave school, or drop below half-time enrollment. However, it is important to carefully review the terms of your loan to understand when your repayment period will begin.

5. Can I defer my graduate student loans while I am in school?

Yes, most federal student loans and some private student loans offer deferment options for graduate students who are enrolled at least half-time in an eligible program. This means you will not have to make loan payments while you are in school, but interest may continue to accrue. It is important to carefully review the terms of your loan to understand your deferment options.

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