You are responsible for paying back
student loans in a timely manner.
If you received a student loan, you are responsible for paying it back in a timely manner regardless of whether you graduated and received a degree or not. Even if you do not find a job using what you learned for your degree, you must still repay the loan. For parents with PLUS loans, even if the student for whom you obtained the PLUS loan is unemployed or has not graduated, you are still required to repay the loan.
The good news is the federal Stafford loan program takes into consideration your financial condition when you graduate and gives you six months to begin repayment. The Stafford program is the most common form of financial aid and it is intended to allow full-time students to concentrate on their education while they are in school and focus on repayment after they finish.
Parents and Graduate/Professional students who borrow through the PLUS program must begin repaying those loans withing 60 days of receiving the money. Students with Grad PLUS loans may choose to defer their payments while in school and may either pay the interest while in school or add it to the principal at repayment.
Don't let repayment scare you; almost everyone goes through a difficult financial period and sometimes it just takes a little bit longer to get established in a good job after leaving school. OSLA will work with you to help you avoid defaulting on your student loans. There are many different payment plans that can accommodate your situation. When the time comes, review the options at our