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When do I need to start paying my private student loans?

Unlike federal student loans, each private loan has its own repayment process.

Some private loans require payments while you are in school. Other private loans let you delay your first payment for a period of time – called a “grace period” – similar to the feature offered by most federal student loans. Contact your loan servicer for more information or refer to your original loan documents.

TIP: If your private student loan offers a grace period, ask if the interest accrued during that time will be capitalized – added to the principal balance – when the grace period ends, and repayment begin.

Learn more about strategies for repaying private student loans.