|Are my payments due immediately?||Maybe|
|Is it OK to make payments ahead of schedule?||Yes|
|Can I shrink my monthly payments?||Maybe|
|Can I postpone repayment with a deferment?||Maybe|
|Will the government pay the interest during the deferment?||No|
|Can I find these records online?||Yes|
Dig Into The Details
How Do I Know If I Have Institutional Loans?
Unlike federal student loans, you'll borrow institutional student loans from your school—not the government. Because of this, these loans will not show up in your National Student Loan Data System (NSLDS®) account. However, it's still easy to figure out if you have these loans. Just pull your credit report for free from AnnualCreditReport.com and see what comes up. The amount you owe on any outstanding debts, including institutional loans, should be there.
Who Do I Pay, And When?
Most likely, your school or a servicer—a company hired by your school to collect your payments. Payments may begin immediately after school, or you may have a short grace period. Be sure to check your loan paperwork to be sure.
Can I Change My Repayment Schedule?
Contact your school as well if you need to change your repayment schedule or postpone repayment. You may not have these options, but that doesn't mean you shouldn't ask.
Be Money Smart
Many schools offer short-term institutional loans, as well as long-term institutional loans. If you have a small gap between your other aid and your cost of attendance, ask your school's financial aid office if you qualify for a short-term loan. Sure, it will be due sooner—but it will also probably come with a lower interest rate. That can save you extra in the long run.