When do you have to start paying back student loans because you (sadly) won’t be in college forever

Nearly three quarters of 2017 college graduates had student loan debt. If you're still in school, odds are you've got loans too. People tend to get pretty anxious when talking about students loans and with good reason. Depending on the type, they can take years, even decades to pay off, but exactly when do you have to start paying back student loans? There's essentially two possibilities and it all comes down to the type of loan you got.

The grace period

If you have a direct subsidized loans, direct unsubsidized loans, subsidized federal Stafford loans, and unsubsidized federal Stafford loans, then you get a six month grace period. Your time starts after your graduate, drop out, or are below half-time enrollment. The purpose of the grace period is for you to have time settle into post-grad life. Ideally, you'd find a place to live and have a job so when time is up, you've planned out your budget and are ready to begin repayment.

Some loans will give you an additional grace period if you re-enroll in school after dropping out before your initial six months are up. Check the details of your loan if you decide to go back to school.

Your grace period can altered if you go on active military duty 30 days before your six months are up. You will be given an additional six months when you are finished serving.

You might take the grace period as a chance to consolidate your loans, if you have more than one. It's a smart thing to do because then you only have to make one payment a month as opposed to keeping track of a bunch. Keep in mind though that once you consolidate, your grace period ends. Your first bill will arrive around two months after your direct consolidation loan is disbursed.

You can start paying the loan off during the grace period. That will decrease the total amount, the size of your monthly payments, and could lead to a decrease in interest levels.

Payment after disbursement

PLUS loans have no grace period. You have to start payments immediately following disbursement, which is basically when the loan has been given out in full. So if you're in a four year college and your loan pays out for your final semester, then you will have to begin repayment. You could possibly get a deferment, but you'll need to ask your loan provider for more information.

Federal Perkins loans are paid out through the school you're attending so you need to check with your college's financial aid offices as to when they expect you to start paying back the loan.