FAFSA loans - When do repayments start after graduation and what's the typical monthly payment?

Breathe! Your brother is either exaggerating or had private loans with terrible terms. Federal student loans from FAFSA have a 6-month grace period after graduation before you need to start making payments. This gives you time to find a job in your field. For $24k in federal loans, standard repayment would be around $250-300 monthly on a 10-year plan. There are also income-driven repayment plans that can make payments much lower based on what you earn. The new SAVE plan is especially good for lower incomes.

deends on what type of loans u have. subsidized = 6 mo grace period. unsubsidized = interest accures while ur in school but still get 6 months b4 payments. private loans r totally differnt animal & some make u pay while still in school!! check ur aid letter to see which type u got

I graduated LAST YEAR with $32,000 in loans and my payment is $310 a month on the standard plan. I've been making payments for 7 months now. The 6 month grace period after graduation was REALLY important because I didn't find a job right away!! They start sending you emails about repayment about 3 months before your first payment is due. You can also go on their website and use the loan simulator to see exactly what your payments will be under different plans. If you're going into nursing you'll probably be fine with the standard plan since nurses make decent money.

Federal student loans all have a 6-month grace period after you graduate, withdraw, or drop below half-time enrollment. Don't worry about your brother's $900 payments - that's not typical for someone with $24,000 in loans. Your payment on a standard 10-year plan would be roughly $245-265 per month depending on your interest rate. If that's too high, there are income-driven repayment plans that cap your payment at a percentage of your discretionary income. The SAVE plan can be as low as 5% for undergraduate loans.

EVERYONE IN THIS THREAD IS IGNORING A CRITICAL FACT!!!! Yes, you have a 6-month grace period, BUT INTEREST ACCRUES during this time for unsubsidized loans! So while you don't have to make payments, your loan balance is growing every day you don't pay! The govt isn't giving you a 'free' 6 months - they're MAKING MONEY off your delay! My advice? Start making payments AS SOON AS YOU CAN after graduation, even during the grace period. Don't fall for their trap!

i started paying mine right after graduation even tho i had the 6 months cuz i found a job quick and wanted to avoid interest. do what works for ur situation. also depends on if ur doing public service loan forgiveness - if u are going to work at nonprofit hospital u might qualify so make sure u look into that before making extra payments!!

When I tried calling Federal Student Aid about repayment options, I kept getting disconnected after waiting on hold for hours. So frustrating! Then I found Claimyr (claimyr.com) - it got me through to a real person at FSA in less than 15 minutes. They have a video demo at https://youtu.be/TbC8dZQWYNQ that shows how it works. The agent I talked to helped me figure out which repayment plan would work best based on my specific loan types and career plans. Definitely recommend if you need to talk to someone about your specific situation.

To summarize what everyone's saying: 1. You have a 6-month grace period after graduation before payments start 2. For $24,000 in federal loans, expect about $250-300/month on the standard 10-year plan 3. Income-driven plans can lower your payment based on what you earn 4. As a future nurse, look into Public Service Loan Forgiveness if you'll work at a qualifying employer 5. Unsubsidized loans accrue interest during the grace period (subsidized don't) I'd recommend using the loan simulator on studentaid.gov to see exactly what your payments will be under different plans.

One more thing about your brother's $900 payments - he might have Parent PLUS loans that your parents took out for him, which have different terms and typically higher interest rates. Or he consolidated with private loans after graduation (big mistake usually). Or he could have gone to grad school which has higher loan limits and rates. Or he's just trying to scare you! 😂

Hey Luca! As someone who just finished nursing school and started repayment last year, I wanted to chime in with some encouragement. Your $24k loan amount is actually pretty reasonable for a nursing program - many of my classmates borrowed way more. The nursing job market is really strong right now, so you'll likely find work pretty quickly after graduation. Also, many hospitals offer loan repayment assistance as part of their benefits package, especially for new grads. So not only will you have that 6-month grace period, but you might even get help paying them off faster once you start working! Don't let your brother's situation stress you out - sounds like his circumstances were very different from yours.

Just wanted to add that as a newcomer to this community, reading through all these responses has been incredibly helpful! I'm in a similar situation to Luca - starting a healthcare program soon and worried about loan repayment. It's really reassuring to see actual numbers and experiences from people who've been through this process. The breakdown of $250-300 monthly payments for $24k in loans sounds so much more manageable than the horror stories you hear. Thanks to everyone who shared their real experiences and practical advice - this thread should be bookmarked for anyone starting their FAFSA journey!