If you do borrow a student loan before your mission, do everything you can to repay your loan prior to beginning your mission. Depending on the timing of your call, you may be able to work full-time and earn enough to repay your loan early. Remember, student loans have no prepayment penalties. While You Are on a Mission. While not as desirable as not borrowing at all or paying your debt in full prior to your mission, you can make monthly payments while you are on your mission.
Student loans have a six-month grace period before monthly repayments begin.
Your lender can tell you the precise amount of your payment and your payment due date. Keep in mind most lenders sell their student loans to a secondary market which means you'll repay your loan to a lender other than the one from which you borrowed. If you plan to make payments while you're on your mission, you should make arrangements to have your monthly payment deducted automatically from your checking or savings account. Most lenders offer automatic payment options and may even offer to reduce your interest rate if you agree to automatic payments. Automatic payment processing is very convenient and eliminates the need to remember to mail a payment to your lender every month.