Unlike financial aid or scholarships that do not need to be paid back, student loans are to be repaid with interest. Student loans do have their quirks, such as a six month grace period after you stop attending school at least part time. During this time you will not be required to repay your loans, however, once the six month grace period is over your lender will contact you with information on the payment process and payment due. If you return to school you can file for a deferment of repaying your student loans. Loans are available for undergraduates, graduates, parents etc. Payment process and amount will be provided to you by your lender. If loan is not repaid it can severely effect your credit and legal actions could be taken.