What Happens If You Haven’t Found A Job Within 6 Months After College?
Jan.27, 2010 in
College Jobs
I know the Stafford loan gives you a 6 month grace period after college, and then after the 6 months is up you have to start repaying the loan. Well, what happens if you haven’t found a job before then, or you have no way to start paying it off by that time?
January 27th, 2010 at 6:34 am
You can get either an economic hardship or unemployment deferment or forbearance. If you are not eligible for that, Congress just passed new legislation which allows for an Income Based Repayment plan which caps your monthly payments at 15% of your monthly income above 150% of the poverty line. Contact your lender.