<p>I have taken retroactive medical leave for the fall and am suspended for the spring, and I'm coming back next year to redo my fourth year, but now financial services is bugging me about exit loan counselling. I'm not ready to repay my loans yet! Will interest start to accumulate on my subsidised Stafford loans? Please help!</p>
<p>You should aboslutely go through loan counseling…there might be some temporary delay in your loan paybacks if you are on medical leave and the best way to find out what your pay back options are IS to go through loan counseling. If there is any kind of deferment to pay back you can also ask about these type so options at that time. Even if you manage not to trigger repayment of your loans the information you’ll get during the counseling is going to help you in the long run understand what is involved in assuming the loans.</p>
<p>My son took off one semester. He did the exit counseling in September. He enrolled in our local school this January, so his six-month grace period was not up yet. He had to have his new school fax verification of his enrollment to the “Fedloan Servicing” people. His repayment start date has been delayed.</p>
<p>If you’re going to be out of school for more than six months, you should call them. Their phone number is (800) 699-2908.</p>
<p>I have to say I’m impressed you are looking into this yourself. My son is not at that point yet!</p>
<p>Well I didn’t enroll this January and will be re-entering school in August. Is that too long?</p>
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<p>I agree you need to talk to someone…but I believe if you are out of school for 6 months (the length of the grace period), you must start repaying your loans. If you return to school, you will again NOT be required to pay.</p>
<p>So my grace period will end then restart? What reconstitutes the “starting of school”? The first day I start classes or the first day that I re-enter the school officially and can enroll in classes again?</p>
<p>Your six month grace period begins on the LAST DAY you were in class. Your loans will go into repayment before you begin school again. This is exactly why exit counseling needs to be done!</p>
<p>Actually, the day the grace period begins is the day your school reports as your last day of class. That date is most likely already reported by the school and can be found in your account at [National</a> Student Loan Data System for Students](<a href=“http://www.nslds.ed.gov%5DNational”>http://www.nslds.ed.gov). The date your in-school deferment can begin again is the first day of the next term in which you enroll at least half time.</p>
<p>Ugh, I have to contact for different lenders for forbearance? is there any way of making the process less painful? I really don’t want to manage four different applications for forbearance.</p>
<p>Go…to…exit…counseling…they will explain everything. All the loans might be with one processor but you need to understand where all your loans are, the steps you need to follow and what the time frame is. Do not avoid this, it is entirely to your advantage to understand the process. If you do it now, perhaps you won’t have to go through it when you graduate so perhaps the glass is half full instead of half empty???</p>
<p>You only have to pay for a couple months (until you get back in school at least half time). If you can swing it, it’s a smart thing to do.</p>