Just like any other loan you may receive in your lifetime, a student loan has to be repaid at some time. Most loans made through private lenders begin the repayment period relatively soon after being disbursed. Depending on the lender you receive the loan through; you may have some choice in your repayment plan. On the other hand, the loan you receive may qualify you for certain tax benefits such as a student loan interest deduction during repayments. It will depend on the type of loan you receive and IRS regulations at the time. Always check with your tax advisor to find out if you are eligible for any incentives on your annual taxes.
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|Jennifer Mathes, Ph.D.|