Hi all,
To make a long story short, I’ve withdrawn from my classes for this semester and decided to take a full academic year off for mental health reasons, and I’ll be transferring to another university in Fall of 2020. I’ve taken out loans and I understand that the grace period lasts 6 months, and I’ll have to start paying them off in March of next year. My question is, once I re-enroll as a full-time student, will I still be required to continue making monthly payments on those loans?
Thanks!
No, when you start back, they will revert to the ‘in college’ status. However, if any are subsidized, you won’t get another 6 month grace period. For my daughter who took a semester off, they did some kind of magic and combined all her loans into one payment. She did get another 6 month grace period, but the subsidized loans were no longer subsidized during that 6 months.
I am considering a means of actions similar in formality, if not identical to yours. Do you still currently have any debt attributed to this semester that you are obligated to pay off, either collectively or incrementally over the course of a period of time?
Owing federal student loans is different than owing the school. If OP owed the college, @cypresswood, s/he wouldn’t be able to transfer unless they were paid. Some schools might release transcripts if a student has a payment plan, but I think most won’t. It doesn’t sound like that’s OP’s situation though.
@CypressWood Ironically, I do. I was enrolled in a tuition payment plan prior to withdrawing and withdrawing from the university terminated the plan, so I will have to pay the school back a few thousand dollars in order to access my transcript before I can transfer. I’ll be working and saving money over the next year to get that done, as well.
@CypressWood you have your own thread about your current school debt. You need to talk to your school. I asked you in your thread if YOU had any loans. If you do, yours will come due too.
Oh, yes indeed. To answer your specific question I only have loans sourced from the federal government (FAFSA) and I believe my parents had registered for a parent plus which is also derived from FAFSA. I am aware that these loans have an innate 6 months grace period until I have to incrementally pay them off or else they would default.
I have not been proactive in responding to each and every message, although your advice is much appreciated without a doubt, as I have been most recently occupied by other tasks, notably discussing options with my advisory.
If I did not disclose this to you previously, apart from $16,000-$17,000 (approx.) in federal loans, I currently retain an outstanding balance of approximately $5,400 for the cost of my food court plan, boarding, and dormitory room expenses. These were only refundable before the school year commenced. July 30th I believe. What I find cynically humorous is the fact that I actually considered not residing on campus as I live relatively close in proximity to the campus. I suppose I should listen to my intuition and subscribe to the study of hindsight more often.
@CypressWood that’s actually so weird-- we have the same amount of loan debt, and I owe my school $5000 too. We both also missed the deadline for refunds. Lmao!
@theaquarius what weird? The amount of federally funded direct loan money max for a freshman is $5500. There are tons of other students who have taken that amount…just like you.
Fascinating isn’t it. This isn’t necessarily relevant to college or University but I have been on the fringes of evaluating a phenomena occurring in my own life experience. It is that every major event in my life manifests in pairs of two incidents.
I believe Aquarius is referring to an outstanding charge he/she directly owes the institution itself, not the federal government or any subsidiary loan agency. For example, the cost attributed to having a specific meal plan.
May I be so kind as to ask of a report concerning the progress of your gap year, Aquarius?
@CypressWood the school received the loan which was paid to the school. The student owes the SCHOOL the outstanding balance on their bursars account.
Your loan amounts are likely the same because that is the loan amount for first year students.
What you owe the school…if that is the same as someone else it is nothing more than a coincidence. That’s it. Don’t make more out of it than it is.
@thumper1 I was saying the coincidence was weird.