Student loans are installment debts, with special features. In the U.S., student loans are typically delayed payment programs. While the student is attending college or graduate studies, no payments will be due on the student loan.
When the student ceases his or her formal studies, however, loan payments will normally begin after a six-month grace period. It is assumed that the borrower will have a found a steady job within this time. However, some student loans do allow extensions of this grace period.
Mortgage lenders will sometimes omit student loan payments from consideration if payments will not be beginning in the next 12 months.
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When we talk about college graduation, several promising life changes occur in our minds potential careers, independence as well as new beginnings. However, although it means beginning of something, it still signifies something less enjoyable too the repayment of student loans.