Students and parents, however, have the primary responsibility for financing the student's higher education. Grants and scholarships are considered GIFT AID and do not have to be repaid. Work-Study employment allows you to earn money by working on or off campus. Student loans, which must always be repaid. Student loans are a legal responsibility borrowers assume once a promissory note is signed.
Loans require repayment either during or after enrollment in college.
Borrowers must repay the amount borrowed plus any interest that accrues on the loan. Consider loans and their repayment requirements carefully as you choose how to pay for college. Federal government pays the interest while you're in school on at least a half-time basis, during the grace period and during any deferment periods for which you are eligible. Normally, you have a maximum of 10 years to repay your loans unless you consolidate your loans. Repayment begins after a six month grace period.