Repaying Massage School Loans

massage school financial aid

When you take out student loans to pay for massage school (whether they are private loans or federal loans), these monies must be repaid. Some people pay them off in a matter of months, while others may take years to fully eliminate their debt. Either way, it’s good to know your rights and responsibilities before you take out any loans for your education.

Federal Student Loans

The good news about federal student loans is that they usually don’t have to be repaid right away. As soon as you graduate (or if your enrollment drops below half time), you have a grace period of six to nine months in which you don’t have to start paying the loans back. This is to allow you time to find a job and get settled into your life before repayments begin. Depending on the terms of your loan, interest may accrue during this time, though, so be wary of going too long without making any payments.

Once your grace period is over, you will receive monthly bills for your loan repayment based on the amount you owe, your loan servicer, and the length of time you have to pay it back. Most federal loans default to a ten-year repayment period. However, you can opt for several different types of repayment programs, which range from graduated payments to 20 or even 30 year loan periods. The arrangement you choose is typically up to you and your loan servicer, which is assigned to you by the government.

Interest rates vary, but most students can expect anywhere from 3.4 percent to 6.8 percent interest, based on the loan type. If you fail to pay your monthly bill, the government can come after your paycheck. You may have up to 15 percent of your salary taken automatically from your income, which will continue until the loan is paid in full.

Although you can’t “eliminate” student loan debt, even if you declare bankruptcy, there are programs in place to help you manage your payments. Depending on your income and situation, you may be eligible for a deferment period (a temporary break from payments for reasons related to returning to school), for a forbearance (a temporary break from payments for personal reasons), or for reduced payments that are proportionate to your income.

Private Student Loans

When you borrow money from a third-party lender or bank, your repayment situation is dependent on the agreement you made with that lender. Your interest rate, repayment term, and amount owed will all vary. In most cases, you won’t find the same support in terms of deferments and forbearances, but you do have more options when it comes to loan consolidation.

For More Information on Paying Back Massage School Loans

When you first graduate from massage school, your loans might seem overwhelming or insurmountable. However, the government really does want to help you manage your finances and pay the money back in a timely fashion. If you are struggling to make payments, visit the Federal Student Aid Department on the web for more information.





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  1. Deandre Woods says:

    hello my name is deandre woods and i go to cortiva institute in downtown chicago i need help with my loan for school my balance is 1,980.00 of what i need to pay for school if i dont have any help for this balance they will not let me contuine school so if you can help me or send me a link where i can get help i will really be thankful.