When Are Student Loans Due? A Beginner Borrower’s Guide

The exact date when you start paying off your loan will depend on factors like your loan type, lender policies, and any repayment plan adjustments you make along the way. 

Missing your due date can lead to loan delinquency, harm your credit score, and even result in default if your loan is unpaid for too long. However, if you understand when your loan payments are due and plan ahead, you can stay on top of your payments and even save money on interest. 

We’ll break down everything you need to know about your loan payment timelines, from understanding grace periods and the penalties you may face from missing deadlines to practical tips to help you better manage your student loan debt. 

When Does Your Student Loan Start?

Student loan repayments don’t begin immediately after the funds are released to you. Usually, you’ll have a grace period within which you can prepare financially and, sometimes, even finish your schooling. 

The timing for your loan payments depends on whether you have a federal or private student loan.

Federal Student Loans

Loans issued by the U.S. Department of Education include a grace period that gives borrowers some time before payments are due. Here’s how repayment timings work for the different federal loans:

• Direct Subsidized and Unsubsidized Loans: These come with a six-month grace period after you graduate, leave school, or drop below half-time enrollment. This allows you to focus on your schooling with plenty of time to prepare financially after school. 

• Graduate PLUS Loans: Graduate PLUS Loans do not have a traditional automatic grace period like Direct Subsidized and Unsubsidized Loans. However, they come with a ‘Post-Enrollment Deferment,’ which functions similarly to a six-month grace period. This deferment is typically applied automatically but can also be requested if not. Borrowers can opt out of this deferment at any time and begin repayment earlier if they choose. Additionally, they can even opt out of in-school deferment and start making payments while still enrolled.
  
• Parent PLUS Loans: Repayment for parent PLUS loans starts immediately after the loan is fully disbursed. However, parents can request for deferment while the student is in school and for up to six months after graduation.

Private Student Loans

Private lenders don’t follow federal repayment rules, and grace periods vary by lender. For example, some lenders will offer a 6-to-12-month grace period similar to federal loans. 

However, others will require you to make payments even while you’re still in school or allow you to make interest-only payments during the grace period to help reduce your overall loan costs. 

Since each private lender has unique requirements and repayment plans, contact your lender directly or check your loan agreement if you’re unsure about your repayment schedule.

Key Student Loan Dates and Deadlines

Once your grace period runs out, your first student loan payment will be due. Your exact due date will depend on your loan type, lender, and repayment plan. 

Missing a payment may lead to late fees, increased interest costs, and even credit damage, so it’s essential to know when and how to make your payments. 

How to Find Your Student Loan Due Date

Your first due date typically falls one month after your grace period ends. To confirm your exact payment schedule:

• For federal loans: Log into your loan servicer’s website or check the National Student Loan Data System (NSLDS).
• For private loans: Review your loan agreement or contact your lender directly. 

What If You’re Enrolled in an Income-Driven Repayment Plan?

If you applied for an Income-Driven Repayment (IDR) Plan before your first payment was due, your original due date may be adjusted based on your new plan’s terms. However, keep in mind:

• Approval can take some time, so apply at least 30 days before your first due date. 
• You must update your income annually, or your payment amount might increase unexpectedly.

How Forbearance and Deferment Affect Your Due Date

If you apply for forbearance or deferment, your due dates will be paused temporarily. However, your interest continues to accrue during this period, increasing your total balance. 

Can You Change Your Due Date?

Most loan servicers allow you to change your due date to better fit your budget. This can be especially helpful if your loan payment conflicts with rent, credit card bills, or other financial obligations. Contact your student loan servicer to see if rescheduling is an option. 

What Happens If You Miss a Student Loan Payment?

Missing a student loan payment can have serious financial consequences, but understanding the timeline of delinquency and default can help you take action before things get worse. 

Late Fees and Interest Accumulation

If you miss a due date, your loan servicer may charge a late fee depending on your loan terms. 

• For federal student loans: Some servicers don’t charge late fees immediately, but interest will continue to accrue. 
• For private loans: Most lenders will impose a late fee (usually 5% of the missed payment or a flat fee) after a set number of days. 

Loan Delinquency vs. Default

Understanding the difference between delinquency and default is crucial:

• Loan Delinquency: Begins the day after your missed payment and continues until you make a payment or request deferment/forbearance. 
• Loan Default: If your federal student loan remains unpaid for 270 days (9 months), it enters default, leading to severe consequences, which can include:

• Wage garnishment and potential tax refund seizure)
• Damage to your credit score (which will stay on your report for up to 7 years)
• Loss of federal benefits, including deferment, forbearance, and student loan forgiveness

What to Do If You Can’t Make a Payment

If you’re struggling to make your student loan payments, consider taking the following steps:

• Request a Deferment or Forbearance if you’re experiencing financial hardship
• Switch to an Income-Driven Repayment (IDR) Plan to lower your monthly payments based on your income. 
• Contact your loan servicer as soon as possible to discuss alternative payment options or modify your due date. 

Can You Remove a Late Payment from Your Credit Report?

If you accidentally miss a payment, contact your lender to see if they might offer a ‘goodwill adjustment’ to remove the late mark. While this may not be guaranteed, some servicers may be willing to work with you if you’ve been a responsible borrower. 

Stay Ahead of Your Student Loan Payments and Save Money

Knowing when your student loans are due is the first step towards avoiding missed payments and late fees. Whether you’re preparing for your first payment, exploring your repayment options, or struggling to keep up, taking action now will save you money and protect your financial future. 

At Student Loan Professor, we understand the unique challenges that come with managing student loans, especially for first time borrowers. This is why we specialize in helping student borrowers navigate the student loan landscape from finding the best loan deals to securing the best repayment strategies. 

Get in touch with Student Loan Professor today to take advantage of our expert guidance and exclusive deals, and take a step closer to financial freedom.