<p>I'm new in taking out loans and had a few question about it. It says that I wouldn't be required to pay off the debt if I am enrolled half time or more unless I leave the college or graduate. Since I won't be takin summer courses does that considered me leaving and would have to pay off the debt early? I plan on taking out 3500 which will take me some time to pay in full so I am a little hesitant on applyin for a loan. I go to a CCC.</p>
<p>Taking off for summer is OK. You just need to be enrolled for the primary school year.</p>
<p>Agreed. Taking summer off is allowed.</p>
<p>The loan goes into repayment 6 months after the last day on which you were enrolled in classes at least half time. If you drop classes during the winter term & take the summer off, your loan could go into repayment. For most students, though, taking the summer off does not trigger loan repayment.</p>
<p>Okay, thanks for all the info</p>
<p>One more question.</p>
<p>I’m 3 weeks away from the fall semester coming to an end. So if I apply now how would that go about? Considering that a loan gets split into two evenly between each semester. Would I get it in full during my spring semester instead?</p>
<p>Have you completed FAFSA? To be eligible for a subsidized loan you must have need (school’s COA - your EFC - any other aid/scholarships you have = need). Your EFC will be based on your parents’ (if you are a dependent student) and your income and assets. If you do not have need, then the loan will be unsubsidized. </p>
<p>It is possible to get more then half the loan you are eligible for in one semester as long as your total aid including loans and any other scholarships/grants/WS do not exceed your COA.</p>
<p>I have already completed my FAFSA. My EFC is 0 and and I get the full amount pell grant (5550 a year). It says on my portal that I have 4472 left in need for my COA. I was just wondering how I would get paid since the fall semester is almost over. Thanks for your response.</p>
<p>As long as you are still enrolled at least half time (that is, you haven’t dropped classes), you can get the fall portion now. Just ask your school how to get your loan. You’ll probably have to either submit an application or accept the loan online, then you will need to complete entrance counseling and a master promissory note (again, the school can tell you how to do this). If you don’t make the deadline for fall, you can get the whole amount in spring, as long as you are enrolled in that school at least half time.</p>
<p>(Just a note … in order to receive the fall portion in the spring, you have to be enrolled at least half time on the last day of the term. Sometimes students drop at the last minute, then they can’t get a retroactive loan for that term, because they were no longer half time)</p>
<p>If you drop classes during the winter term & take the summer off, your loan could go into repayment</p>
<p>Assuming it is a semester school.
But if it is a qtr school and they attend in the spring, that wouldn’t trigger repayment.</p>
<p>That’s correct. I always forget about those quarter schools! :)</p>
<p>Yea my school is based on the semester schedule. Right now I’m consider a full time student passing all my classes so I’m in good standing. I’ll see how my payment schedule goes with my financial office.</p>
<p>Does the loan report to all three credit bureaus?</p>