Your Questions About Student Loans Repayment
Chris asks…
Could you add loans to Student Loan Repayment Program?
I recently enlisted in the military (reserve) and I don’t qualify for the GI Bill or kicker, but it did say I have the SLRP (Student Loan Repayment Program). I currently do not have any student loans, but I will need to use some when I start college again. Will I be able to add loans throughout my enlistment or is it only prior military loans?
Joe answers:
Only loans you have when you enlist, you cannot add any afterward
Charles asks…
Will there be a penalty for early repayment of my consolidated student loans?
I’m just finishing up grad school and my employer will give me a bonus every year that I would like to put towards my loan repayment. Is there typically a penalty for early repayment of a consolidated student loan?
Will a large lump sum payment postpone the due date on future payments, or will a payment be due every month despite the large single payment?
Joe answers:
It depends on the terms of your loans. Some privately consolidated loans do have prepayment penalties.
Sharon asks…
Semester + Summer off, will my student loans begin repayment?
I completed my associates degree at a community college during the fall semester and will be transferring to a university this next fall. I will have been out of enrollment in at least 6 credit hours for 7 months. That’s over the repayment grace period of 6 months, so I’m assuming I will need to begin repayment on my loans. But once I get to the university, I will be enrolled full-time again. Will I need to continue repaying my loans or will the repayment period be on hold once I am a full-time student again?
Joe answers:
What normally happens is that the loan companies get word that you are a student again and they will put that on hold or if you get a bill just fax them a copy of your acceptance letter and let them know you are attending a university in the fall. You may not even have to begin repayment at that point.
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