student loan payments?
Question by wonderful: student loan payments?
im a freshman right now and i need to get a loan..im filling out the apps and one of the questions is “how would you like to repay the loan?” the options are defer principal and interest,interest only, and immediate repayment. Which was should i do? or can someone explain these? im confused about all this!
Best answer:
Answer by contemplating
It’s asking when you’d like to start paying it back (and if so, how much you’d like to start paying back).
Since you’re a college student, and likely to continue to be spending more than you’re getting for a few years, you should probably pick to “defer the principle and interest” (so that you don’t need to start paying it back until you graduate).
If you plan on/can pay this loan back earlier, you might want to select one of the other boxes. Do you want to start making the full payments now = immediate repayment? Or would you rather start making a small payment so that you will be forced ot reduce what you owe now and not end up with as big of a bill when you are done = interest only (pay only the interest, so that when you graduate, you’ll only still have to pay what you borrowed back, because you already paid the interest up to that point)?
What do you think? Answer below!
Tags: Graduate, loan, Payments, Student, Student Loan
The answer depends on your circumstances.
The repayment options mean:
Defer Principal and interest – means that your loan will still accrue interest while you are in school (until 6 months after you stop going) and then you start paying it back
Interest only – means you defer the loan amount but pay off the interest each month so that doesn’t get added
Immediate repayment – is like it sounds. You start making monthly payments on your loan now.
Personally, I was a broke student so I opted for the first option, but if you can swing the second (or even the third) it will help you out financially down the road.
There are a lot of student loans lenders.Before you go for a check on the interest rate and also see that the lender is legitimate.
Do not pay any money to get the loan. You can also try some scholarships online.
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