Parent Plus Loan (payment)

<p>My son recieved his 1st semester money then about 3 weeks ago we got the difference of what he didnt need, I got letter in mail from SallieMae i set up an account but never recieve info when 1st payment is due. How long does it usually take before 1st payment is due and usually how much are monthly payments we got 6,000 for yr, 3,000 per semester the letter we recieved was for the 1st 3,000. Thanks</p>

<p>Are you sure you set up payments? My paperwork said that I had an automatic deferment unless I contacted them and told them otherwise, which I need to do. Have to dig that paperwork up.</p>

<p>Check your paperwork again and call them.</p>

<p>The information on when the first payment is due is in the Master Promissory Note you signed to get the loan and also on the Sallie Mae site. It is probably within 60 days of the final disbursement of the loan (that being about three weeks ago).
Under the Standard Repayment Plan, your monthly payment would be about $50. That would go up to about $73 next semester when you get the other $3000. And it will go up again next fall when you get another loan.
cromette is correct that you have an automatic deferment unless you contact them. If you do the deferment, your loan cost will increase. More information is on the Sallie Mae site.</p>

<p>Our parent loans start due in spring- after the “final disbursement” of that loan (ie, the 2nd half.) We do not get billed for 1st semester, until spring. For the info I have, on 6k, you’d be paying maybe $75.
Any time you defer (or arrange to skip a few months,) the totals are recalculated, the monthly can go up a few dollars. You can advance pay on the principal, but you have to clarify with them exactly how to do this. Also, seems our 2012-13 disclosure info only just came out.</p>

<p>We have a Parent Plus loan, and after the second and final disbursement in Jan, we received a letter alerting us to the second disbursement. Then, in April we received a letter stating that payments would begin. May 5th was our first due date. Now, each month we get a reminder notice emailed to us “payment due soon”, and we pay online at our loan provider’s website. Fairly easy. Now, we got another loan for this year, the first half has been disbursed, and that amount has been added to the amount of the first year’s loan. I pay ahead, and more than what is due, and I was worried each loan would be completely separate. I am glad the second is just added to the first - it will keep my bookkeeping simpler.</p>