The basics of repaying loans
When you’ll start repaying loans depends on the type of loan you choose. Some require you to start paying them back while you’re still in school, while others start after you graduate. But all loans must be repaid.
Don’t be fooled by federal maximum loan amounts. Those are the maximum limits for all borrowers and aren’t related to your own personal earning potential. The maximum amount you’re eligible to borrow may be more than you’re able to repay. If you aren’t able to repay your education loans, you could seriously damage your credit rating. That could make it hard to get other types of consumer loans.