When do I start paying back my student loan?

With the Sallie Mae® Smart Option Student Loan® and graduate student loans, the student can select from three repayment options2 – the student can choose to make payments while in school with monthly interest payments or with fixed payments, or they can choose to defer payments until after school. No matter which option is chosen, the student will have at least six months after leaving school (known as the grace period) before beginning to make principal and interest payments.