How do I keep my loans deferred until graduate while doing an internship?!

Paying for College
1

<p>Hello there,</p>

<p>I would really love to take an internship in the fall but I am deathly afraid that my loan provider (Sallie Mae) will force me to pay them back if I do. My loans say that if I am out of school for 6 months or more I will be forced to start paying with a payment plan. Does summer count in this calculation? I have a summer internship May - August but I would to postpone my Fall college enrollment and do another Co-Op / internship August - December. </p>

<p>Has anybody ever done this? How do you keep your loans on deferment status until after you graduate? I think most loans require that you are enrolled in at least 6 credits, is this true? Can I use a mandatory forbearance for an internship?</p>

<p>Thanks for all the advice in advance!</p>

2

<p>If you graduate in May (or don’t re-enroll in school in the fall) yes, your deferment period will begin and you will need to begin repayment in Dec. At that time, you could go to Income Based Repayment and pay ~10% of your income above the poverty rate. If you have no income, you’ll have a very low payment.</p>

<p>But you know, unpaid internships are a luxury you may not be able to afford. You have obligations and you need a job. Sometimes you just have to take a job.</p>

3

<p>You do have options. Call your student loan servicer and ask them … they will tell you what your options are.</p>

4

<p>Talk to your co op office at your university. This happens all the time. </p>

5

<p>You should be able to stay in either a deferment or forbearance during that time.</p>