Q: When paying back federal student loans how much time do I have to repay those loans upon graduation?
A: When it comes to paying back your federal student loans, it will depend on which “type” for federal student loans you have borrowed. First, for Perkins or Stafford Loans you will not have to begin repayment until you leave school or drop below half time or part-time status.
For federal Perkins Loans, you have up to a 10-year period to pay back those federal student loans. For Direct and/or FFEL Stafford Loans the repayment period will depend on which payment plan you selected. The repayment period for these types of federal student loans could be between 10 to 25 years. Your federal student loan payments will occur on a monthly basis, and upon graduation or leaving school, you will receive more information regarding paying back your federal student loans in exit counseling.
Paying back your federal student loans is highly important. Failure to make your federal student loan payments could result in a delinquency or default status, which can negatively impact your credit for years into the future.
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