<p>I've heard that payment of Federal Loans starts 7 months after you leave the university(or get your bachelor's).</p>
<p>My question was:I plan to work for 2 years after i get my bachelor's to earn money to pay for my post-graduation(master's).SO can i defer payment of federal loans until I finish my post-graduation?</p>
<p>Also can you start paying your federal loans during the 4 years of undergraduate education?</p>
<p>No, I think you can only defer payments during periods you actually are in school. So you would have to make payments while you were working.</p>
<p>You can prepay the loan at any time, however -- so basically if you had money sooner, you could send in payments to reduce the loan. There really is no good reason to do that for a subsidized loan until payment is due, however, as you are not being charged interest.</p>
<p>When i take a federal loan am I charged ZERO interest on the amount??does this hold true even after the 7 months after I graduate from college?Also my EFC is zero and I'm still deciding between Gerogia Tech & UC San Diego.I'm living abroad rite now but will shift permanently to CA soon.....so I'll be in-state for the next 3 years at UCSD........If I go to GTech I end up with $8000 more in loans than UCSD.Is it worth it?(my major is mech engineering and GTech wins hands down in undergrad engr. rankings)</p>
<p>If it is a subsidized loan (Stafford or Perkins) you will be charged interest from the time the first payment is due. So while you are in school, interest is -0-. When the payments become due, you will be charged interest; the interest is calculated each month on the balance due -- so if you decide to prepay the loan, that would reduce the overall interest.</p>
<p>you have to start making the payments at the 7 months. if you look into consolidating them you may save some money. i consolidated and now it comes directly from my bank account every month and i save a half a percent on interest that way, and as long as i make x amt of payments on time in a row they lower my interest rate by a half a percent at that time as well. once you start school again the loans can be put on hold.</p>
<p>cooladu -- </p>
<p>does one of your parents live in California?</p>
<p>I ask because you are totaling school costs based on 3 years as an in-state student at UCSD -- </p>
<p>"I'm living abroad rite now but will shift permanently to CA soon.....so I'll be in-state for the next 3 years at UCSD"</p>
<p>Unless you are over 24, currently a resident of California or meet very specific requirements, you will be out of state all 4 years.</p>
<p>If you are under 24, you must meet the year of residency requirement AND the financial independence requirement. That is hard to do, because your parents can't claim you on their taxes for the current tax year and 2 years prior to the petition for residency AND you have to show that you were self-sufficient for the 2 years and the quarter prior to the petition. That means that you worked and paid for everything yourself -- including this year. They do require documentation of this (paychecks, lease contracts with just your name, etc)</p>
<p>"Students under the age of 24 who did not attend the University prior to fall 1993 and do not have a California resident parent or registered domestic partner upon whom they are dependent will be required to meet the University's financial independence requirement in addition to the 366 day physical presence and intent requirements. It should be noted that this requirement makes it extremely difficult for most undergraduates who do not have a parent or registered domestic partner living in California, including transfer students from community colleges and other post-secondary institutions within California, to qualify for classification as a resident at a University of California campus"</p>
<p>"You will not be eligible for a change of classification until you have been an adult California resident over the age of 18 for more than one year with all your ties to California AND can meet the Financial Independence requirements below. You will need to bring in documentation for the items stated under financial independence in addition to all other items under (E) 1 through 12. </p>
<p>A student is considered "financially independent" if he/she meets all of the following criteria: </p>
<p>Is unmarried; and
Was not claimed as a dependent for tax purposes by either parent, registered domestic partner or any other individual for the current and two tax years immediately preceding the quarter for which classification as a resident is requested; and
Can demonstrate self-sufficiency for the current and two preceding tax or calendar years"</p>
<p>Here is a link with all the info -- <a href="http://registrar.ucsd.edu/ver2/info/residency/nonres.html%5B/url%5D">http://registrar.ucsd.edu/ver2/info/residency/nonres.html</a></p>
<p>this means alot in terms of cost of college -- so I thought I better make sure you are aware of this.</p>
<p>Are you sure you'd be in state at UCSD after a year? That is not at all what my research showed. Once you start a UC as OOS, you're OOS for ALL years. And it takes at least 5 years for most to graduate from a UC.</p>
<p>Well my whole family is shifting to to CA in a couple of months so i will complete the mandatory 12 month stay in time for my second year at UCSD......i guess this answers ur question hsmomstef........so do u think I could get in-state status then after my 1st year?</p>
<p>Q to fendergirl: that means if I enroll at another university(public or private) for my master(post-grad) will my federal loans get deferred until i get my degree(2 yrs)</p>
<p>Q to suze : are u absolutely sure about the rule that:
"Once you start a UC as OOS, you're OOS for ALL years."
this puts all my plans into a tailspin...........actually i had spoken to the residency deputy and she told me that u can change ur status before whichever term u feel u'll satisfy all the requirements........she didnt elaborate on any trapdoors in the above policy( viz. u cnt change ur status 1nce ur atending or sumthin) and she told me to refer all the rules on the website which I did ...but I cudve missed ur point......so cud u please tell me if ur ABSOLUTLEY sure.....coz its a major cause of concern 4 me........</p>
<p>thanx 2 evry1 (especially hsmomstef :) )</p>
<p>check out the link I posted and call the admissions office. GET THE INFORMATION IN WRITING regarding out of state classification if your parents become residents. You need to talk to the admissions department, not financial aid (and they should have someone there that really knows this stuff -- don't just take the word of the work-study student who answers the phone).</p>
<p>It may very well be possible to change to in state residence if you parents are also changing their residence -- but make sure you have all the documentation. all driver's license, license plates, voter registration, bank accounts, jobs in california.</p>
<p>from the website "Who is a Resident?
If you are an adult student (at least 18 years of age) you may establish residence for tuition purposes in California if: 1) you are a U.S. citizen; 2) you are a permanent resident or other immigrant; or 3) you are a nonimmigrant who is not precluded from establishing a domicile in the U.S. Non immigrants who are not precluded from establishing domicile in the U.S. include those who hold valid visas of the following types: A,E,G,H1,H4,I,K,L,O1,O3,R, or V.</p>
<p>To establish residence you must be physically present in California for more than one year and you must have come here with the intent to make California your home as opposed to coming to this state to go to school. Physical presence within the state solely for educational purposes does not constitute the establishment of California residence, regardless of the length of your stay. You must demonstrate your intention to make California your home by severing your residential ties with your former state of residence and establishing those ties with California. If these steps are delayed, the one year duration period will be extended until you have demonstrated both presence and intent for one full year. </p>
<p>Establishing Intent to Become a California Resident
Indications of your intent to make California your permanent residence can include the following: registering to vote and voting in California elections: designating California as your permanent address on all school and employment records, including military records if you are in the military service; obtaining a California driver's license or, if you do not drive, a California Identification Card; obtaining California vehicle registration; paying California income taxes as a resident, including taxes on income earned outside California form the date you establish residence; establishing a California residence in which you keep your personal belongings; and licensing for professional practice in California. The absence of these indicia in other states during any period for which you claim residence can also serve as an indication of your intent. Your intent will be questioned if you return to your former state of residence when the University is not is session. Documentary evidence is required and all relevant indications will be considered in determining your classification."</p>
<p>I'll speak to the office of the registrar or the office of admissions........but according to what was written on that link since i am under 24 and i DO have parents who are CA residents I think it should be OK to apply for change of residency after a year.........</p>
<p>yes -- talk to them and then get it in writing!</p>
<p>i think you will be ok -- unless they have a clause that states that students over the age of 18 that start as non-residents stay OOS for the entire undergraduate time period. You need to check that out!</p>
<p>1 more thing.........I'm still deciding between UCSD and GTech......I'm leaning towards UCSD.......since i have family only in CA throughout the U.S.......so living at GTech n having no support 4 miles (states) seems a daunting also since I'm gonna live in the U.S. for the 1st time......(I'm a green card holder)......n I also will be paying $ 8000 more at GTech at the end of all 4 years........so is GeorgiaTech sooooo much better(my major is mech engineering) than UCSD in terms of job opportunities and prestige that i should go thru the uncertainty of gettin enuf aid(ill b OOS at GTech but their givin me good aid at least as a freshman) and living so far 4om nebody else.....??</p>