Hello, so last year I was foolish and went and got a federal stafford unsub. loan for $2,000, it has a fixed rate of 4.29% with no payments until 3 years after I graduate. I heard this loan can change in interest but since this is fixed will it always remain 4.29%? I calculated this the interest would be roughly 2300. Is it possible for me to pay off the interest now that im in school or do I have to wait until the repayment begins 5 years from now?
“Is it possible for me to pay off the interest now that im in school” Yes.
“no payments until 3 years after I graduate” Grace period is six months, not 3 years.
Yes, you can pay the interest at any time. You can pay some of the principal at any time.
Your loan repayment will begin six months after you leave school…or graduate.
On my NSLDS it says my repayment begins 6/19/22 , and I am in the class of 2019. This is what confuses me. So is the repayment starts about 3 years after I graduate or am I missing something here. I also get that for subsidize I have 6 months after college to pay them off but this unsub loan has gotten me all confused because I have the money to pay for it but I’m just wondering how much time I REALLY have.
They apparently have the wrong graduation date in their system. All federal loans start repayment 6 months after at least half time enrolment ends.
That is actually true. I called the number given to me and they say I graduate 2022. Is it bad that I just realized this now in my sophmore year of college? Can that be changed?
It will be changed.
Should I contact my schools financial aid or just wait and see what happens nearing my junior year/senior year? I just do not want to be capped in interest for my loan sorry about the many questions
You can pay off the loan and/or the interest while you are in school.
The interest on this loan is already accruing. If you have the money to pay it off, do so. If you don’t need the unsubbed loans this year, don’t take it.
The interest rate for last year is fixed at 4.29%. It doesn’t change. If you take a loan this year, it is fixed at 3.76%.
No need. My daughter’s graduation data also is very far off.
As soon as you graduated or drop below half-time status, NSLDS / loan service will update their date and start the grace period clock.