How does The Repayment Process For Education Loans Usually Function

The repayment process for education loans typically begins after a grace period, which is usually six months after graduation or leaving school. Borrowers are required to make monthly payments, which include both principal and interest. The amount and duration of repayment depend on the loan amount, interest rate, and repayment plan chosen. Common options include standard repayment (fixed payments over 10 years), income-driven repayment (based on income), and extended repayment (longer terms). Some loans allow deferment or forbearance during financial hardship. It's important to communicate with the lender to ensure timely payments and avoid penalties. Readmore