answersLogoWhite

0


Best Answer
Student Loan RepaymentYou are supposed to start to pay back student loans from Sally Mae 6 months after you graduate, but if you call them every few months and tell them you're broke they will give you another grace period of 6 months. Of course they will add interest, but everything adds interest. I owed 15000 10 years ago and I think I made about 3 payments, but I now owe 21000. Here's MoreThe above may not be accepted in all cases.

From someone who has been in default on student loans for many years (and recently came out of default and is getting refinanced), except in very RARE special circumstances, once you take out a student loan it does not matter how many years pass, it NEVER gets to a point that you do not have to repay it. Student loans cannot be dissolved through bankruptcy. If you default on the loans, the government can (and often will) keep any Federal income tax refunds you could get. They can (and often will) garnish your wages. The amount they garnish can be large. Those are the facts.

The best thing to do is not get students loans at all. If you do, keep them to a bare minimum. Nothing guarantees that you will get a good job when you graduate, but you will owe the money regardless.

User Avatar

Wiki User

โˆ™ 2012-08-08 19:40:03
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: How many years does it take before student loans do not have to be repaid?
Write your answer...
Submit
Related questions

What kind of scholarship did obama receive from harvard?

By most accounts, he received both scholarships and student loans. The scholarships were based on his grades at Columbia as well as his work experience (he worked for five years as an advocate for the poor in Chicago before returning to get his law degree). The student loans were based on financial need, and he repaid them in a timely fashion.


What are the requirements of study aid in the US?

First you need a Co-signer that is from the US. Second, the loan must be repaid within 20 years. Interest rates on student loans are always variable so be prepared.


Where can you find money to fix your house?

You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.


What happens to your student loan once you retire?

You never have any student loans left once you are retired. This is because your student loans need to be paid off when you are 50 years (or sooner if possible). If you are granted a student loan you will be told this and they will help you set up a payment plan. PS: This is how it works in Sweden where I live. Since I don't know where you live I can't specifically help you, but I assume that its equal in many other countries. In the USA, a Federal student loan must be repaid, whether you are retired or not. There is no statute of limitations on Federal student loans, unless you are signed up to the IBR repayment program. If IBR, then a limitation of 25 years is in place.


What is the typical length of student loans?

The length of time you have to pay off your student loans varies depending on the amount of the loan, your credit score, and other factors. You are free to pay off a loan as quickly as you want to, but some loans can take up to 30 years. Do your research before going into debt.


What is the Statute of limitations for private student loans in California?

4 years


What is the statute of limitations in Texas on private student loans?

4 years


How many years can student loans be garnished?

If I've properly understood what you're trying to ask... until they're paid off, however many years that takes. Student loans are rather notoriously not discharged in a bankruptcy.


Do you have to pay for a student loan that was made 35 years ago?

Yes, there is no statute of limitations on the repayment of student loans. Federal collection agencies will try to collect on the loans even into retirement. In fact, the Dept. of Ed. will garnish Social Security income for defaulted student loans.


Is there a standard length of time to repay student loans?

10 years. However, students with large loans can get longer repayment terms.


Can you file an adversary proceeding for a discharge of your student loans if you filed bankruptcy 6 years ago?

It's my understanding that student loans are not discharged by bankruptcy any longer. YOu should check this, though


How long does student loans stay on your credit?

Defaulted federal student loans can stay on your credit much longer then 7 years (the regulations are complicated). Non-defaulted student loan tradelines age off 7 years after they're paid in full, and lates age off 7 years from when the delinquency started.


How can an International student get a student loan without a cosigner?

US banks offer loans to International student who does not have any cosigner. If you are an international student then you should not get worry about loans or financial requirements. If your course is approved by US academy and having good academic background then you can easily get federal loans or scholarships. If you are not from US then these financial helps are not for you. However, if you are living in US for more than three years then these loans are available for you. If you are not eligible for federal loans then apply for international student loan without cosigner that are offered by some leading moneylenders. These are private student loans and any student may apply for these loans. Well, my research says that there is a website Excite Education, they have a page of student loan cosigner. it may be helpful. Do take a look. Good luck!


What are your rights in dealing with collection agencies for a defaulted student loan?

Your rights are extremely limited. If you have a specific question, please repost. The previous person who said that cannot collect after 3 years was completely incorrect; federal student loans have no statute of limitations whatsoever, and ED is still collecting on loans from the 1960s. Collectors of defaulted federal student loans will not negotiate, collectors of private student loans will negotiate.


Are federal student loans the best option for financing college?

Extremely often, federal student loans provide you with the best interest rates and terms. So, if that is what you are looking for, a federal student loan is the way to go. Good luck with your college years!


When do you have to start paying back Astrive student loans?

Astrive student loans have to be paid back generally three years after the loan phase time is complete. It depends on what type of details the loan has and what the individual situation is to determine exactly when the loans will have to be paid back.


Can you get a student loan default off credit?

Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.


Who financed Barack Obama's law degree?

Some of it, he paid for himself (he worked for five years before attending law school), and the rest was paid for with grants and student loans.


Who paid for Barack Obama's college tuition?

Student Loans paid for most of Barack Obama's college tuition. He paid off his student loans over a number of years, concluding his payments with sales from the books he authored.


Can student loans be put in bankruptcies?

I did a bankruptcy a few years back, and Student Loans are not included in the bankruptcy, which means you will still be liable to pay them back. Also a car loan or any secured debt will not be wiped out. Keep in mind with the student loans, generally if you are having trouble paying them, you can get an income based deferment or lowered payments.


Does a student loan have a statute of limitations after 7 years in New York?

Federal student loans do not have a statute of limitations. If it is a personal loan, it may have one.


Did Michelle and Barack Obama have student loans?

Yes they both had student loans, and according to an interview conducted in May 2012, President Obama said he and his wife did not entirely finish paying them back till about six years ago.


How to Pay Back Student Loans?

For many college students, the issue of how to pay back student loans is a distant issue that will be dealt with in the future. Once graduation comes, however, the time for paying student loans has arrived. These loans can accumulate interest and rapidly become the largest expense for a young working adult, so care should be taken to understand more about paying back student loans after graduation. Let this serve as your guide to help you understand how and why paying back loans is so important.Know Your Leniency PeriodMost loan organizations do not expect freshly graduate students to begin paying back their loans the day after graduation. In fact, many loans are not due to be repaid until six months or even a year after graduation. This allow graduates to locate employment and pay for things like their rent, furniture or utility deposits in those first few months of work. Many other loans do not need to be repaid if you are continuing your education with an additional degree.Reduce Your Payment AmountFor some students there are ways to completely eliminate or just significantly reduce the amount of student loans you need to repay. Many businesses will accept your debt if you agree to work for them for a certain number of years, including many government agencies. Teachers who work in low income school districts are eligible to have their student loans reduced each year, until after 5 years they are completely eliminated. Military service or a career with a nonprofit organization can also help to reduce or even eliminate your debt.Make Monthly PaymentsIf you are like most people and begin paying back your own student loans in the months after graduation, do your best to ensure that payments are paid on time each month. This loan can greatly affect your credit standing and timely payments in full will help to establish a strong line of credit for later on in life.In order to pay off your student loan in its entirety, it can take many years. However, by understanding your loan's leniency period, paying off loans through your employer and paying on time each month you can help to strengthen your credit and be debt-free faster.


Did Barack Obama receive foreign student aid in his college student loans?

No. This is simply another "Birther" rumor. He was born in the United States (Hawaii) and was eligible for financial aid when he went to college, because his family was not wealthy. As it turns out, his maternal grandparents helped to pay for some of his education, plus he also took out student loans. He has told interviewers that it took him years to finally pay off the student loans.


What debts stay on your credit report longer than 7 years?

Bankruptcy. Defaulted federal student loans.