A few days ago

Paying off Loans!!!!!!!!!!!!!!!?

I have about $25,000 is student loans (Sally Mae)) (from a private college).I am graduating this month (I was allowed to walk in May). I am assuming that the grace period would start next month to Feb. I am planning on transferring to a community college before the grace period ends, (winter term). Mind this I plan on paying for tution up front without incurring more debt on student loans.

1. Would I have to start paying back student loans after the grace period, but while I will be in school fulltime and working at that time?

2. Can earned scholarships be applied to previous student loans or just for future education.

Top 3 Answers
A few days ago
Jane D

Favorite Answer

Student loans YIKES!!!!! Mine starts soon too. Not looking forward to it.

In response to number 1. While your not going to school, your student loan grace period will start winding down. However, once you go back to school, full time, it will stop. You may have to send verification of school status to your state higher education office (that what I had to do).

Then when your done with schooling (the 2nd time around) the grace period picks up from where it ended before. (it doesn’t start all over again)

2. It depends on the scholarship you have. Some specifically state that can’t be applied to previous loan, other don’t make any mention. To be sure I’d ask the financial aid office, they’ll be able to help you on that.


A few days ago
If you are still a student full time and can prove it the bank who has your loan they will not make you pay on your loan but your interest will most likely still be compling.

Scholaships I am understand can only be used to future education I’ve never heard of appling them to previous stuff. But check with the scholarship and loan company. Usually before you leave the college and graduate the finacial aid off will make you go though what is called a Exit session about your loans and they will go over all this stuff. Talk to the fin office to do this.


A few days ago
I am interested in the answer from your schools loan officer but check out my dilemma after graduating just last year. The question is in loans and finance section.