William Ford Unsubsidized loan payback

1,130 Views | 1 Replies | Last: 7 yr ago by FCBlitz
FCBlitz
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My son is borrowing some money for his last 2 semester of grad school. It will be the first money borrowed to date. It is less than $10k.

What I can't determine if he pays it off in 3 years does he pay 10years worth of interest on the loan?

Can someone set me straight?
spark09
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AG
it is just like any other loan, except you don't have to start paying it back until after graduation. You pay off the interest as it accrues. So if you pay it off in three years, you only pay the interest that has accrued over those three years (and the interest that accrues on the loan after disbursement while still in school).
FCBlitz
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Thank you!
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