How to Pay Back Student Loans Faster

When you need to make payments varies based on the type of loans you have. Most federal loans have a six-month grace period after you graduate, leave school, or drop below half-time enrollment. You’re not required to make payments during the grace period, but in most cases, interest will accrue. You can choose to pay the interest that accrues during your grace period to avoid it being added to your principal balance.

Grad PLUS and Parent PLUS Loans do not have a grace period, but borrowers can choose to defer payments until six months after graduation.

For specific guidelines about repayment for Federal Perkins Loans, you should check with the school you received the loan from.

With the Coronavirus Aid, Relief, and Economic Security (CARES) Act, all federal student loan payments were suspended, so your grace period may be longer than you initially expected.