The loan repayment period usually starts six to twelve months after you finish your studies or comes first when you get a job. When repaying their loans, various lenders grant varying moratorium periods to applicants. Your loan will be paid back in installments.
Here are the different modes of repayments usually available:
The recommended form of repayment differs depending on the lender. As a result, it's a good idea to double-check with your lender before taking out a loan.
A few key points of the college loan repayment procedure are discussed below:
Moratorium period: In the case of these education loans, the borrowers will be able to begin repaying the loan once they have completed their studies or have found work.
Part-payment of education loans: Education loan recipients will be able to make partial payments on their debts. As a borrower, you can pay a lump sum amount as part of the loan payback.
Prepayment of education loan: If an applicant can manage finances for prepayment of the loan amount, he or she will be able to do so here as well. However, it should be noted that this may result in a processing cost.
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