I’m still attending community college, but not for long. My pell grant is covering my expenses I still have to take out a loan. Not nothing too much, but probably around 200 dollars. I was wondering if I don’t pay it back in time will it prevent me from transferring to a 4 year university?
No, it should not prevent you from transferring.
Who are you borrowing the money from?
Well, in time means after you’ve been six months out of school. Will that apply to you? If so then yes, it will be a problem. If you are continuing school then your student loans are still in deferment.
@thumper1 It’s federal student loans I’m borrowing. And @Erin’s Dad so even if I do use student loans several months after transferring I have to pay that money back? I talked to a federal student aid rep and they told me I can still use loans when I transfer to a 4 year.
From the Community College, you apply and are awarded fund to be used for that semester. If you get the money but don’t use it, it’s fine to save it. If you apply for this school year and only go in the fall, you’d only get the money for the fall (half). If you transfer in the spring, you’d have to have your fafsa info transferred to the new school and if you need money you’d need to borrow it through the new school. Once you leave the community college, you can no longer borrow the rest of the loan for that year.
If you leave the community college and don’t go directly to the new school, your repayment might kick in and you’d have to make payments on the loan. Once you start at the second school, the payments stop while you are in school.