Jan
16
Will I have to pay back my university loan right after I get my bachelors or can I pay it off after law school?
ByI plan on going to city college to get my AA, CSULB for my bachelor’s, and then to Stanford Law. I plan on getting loans for both university and law school. What I want to know is if I can pay back my loan for university after I graduate law school? Or do I have to pay it back immediately after university? Thanks!
2 Comments
January 16th, 2010 at 6:39 am
I had about a 6 month grace period after I graduated undergrad. Once I started my master’s it was again in a grace period. Once I graduated with a master’s I had to start paying it again 6 months after.
Good luck in school!
January 16th, 2010 at 7:14 am
I went to undergrad, then graduate school, then law school. I got loans in my last year of undergrad, and then all through graduate school and law school. Loans will be put into an in-school deferment for as long as you’re in school at least half-time. You can do that, literally, forever, if you’re so inclined. You’ll have, like the other poster said, six months grace period after you stop going to school – whether you graduate or not – before your loans go into repayment. If you still don’t have a job or have a low paying job, you’ll likely be eligible for several years worth of hardship forbearance or unemployment deferment.
If you go into government law or other public interest law, you’ll be eligible for extremely low monthly federal loan payments, based on your income. After ten years of regular payments, all of your loans, including the ones from undergrad, will be forgiven. It’s a new program to provide incentive to lawyers to go into public interest law.