I received my undergrad degree two years ago. I've been making regular payments on my student loans since then. I'd now like to go back to grad school - is it possible to defer what's left of the undergrad loans while in school? Or since I've started paying them off, is that it?
2006-11-29 05:35:37 · 5 answers · asked by Kattiara 4 in Education & Reference ➔ Financial Aid
Yes. You will need to contact your loan provider and submit your acceptance letter from the school that you are attending. The amount will be deferred until you graduate. Mind you the interest will still accumulate and will have to be paid back in the end.
2006-11-29 05:37:34 · answer #1 · answered by Diane A 5 · 0⤊ 0⤋
If you are enrolled in graduate school at least half time (6 credits or more), you can defer payments on your loan.
If your loans are through the federal government, the school will contact the lender and you won't have to do anything, you'll just get a notice in the mail.
When you graduate or are taking less than 6 credits per semester, you will get a notice saying you have to start paying on your loans again.
Note that the interest on your loans will continue to accrue while they are in deferment. You will get a statement in the mail every quarter asking if you want to pay the interest that has built up while your loan is in deferment. It's a good idea to pay it if you can swing it.
To get the official info on student loans, and specific info on your loan, go to http://www.fafsa.ed.gov/
Good luck!
2006-11-29 07:57:06 · answer #2 · answered by J.M. 2 · 0⤊ 0⤋
Yes. Diane is right. Keep in mind, too, that interest continues to accumulate on unsubsidized loans (unless you pay the interest every month), but if you put a subsidized loan on deferment, interest will not accumulate. Be aware, too, that you may only be able to defer for a specific number of years. Check with your lender for the rules pertaining to your loan.
2006-11-29 05:49:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not only should you defer the remainder as Diane says, but you should look into consolidating you school loans. See this site: http://consolidateloannow.com for details.
In fact if you consolidate AND sign up for electronic payment, you can save an additional 1%.. The detail are here, but consult your adviser:
http://consolidateloannow.com/archives/6
Good luck.
2006-11-29 05:59:35 · answer #4 · answered by flyhi 1 · 0⤊ 0⤋
Yes, once you go into Grad school your undergrad loans are frozen until you graduate. Check with your lender.
2006-11-29 06:22:09 · answer #5 · answered by fancyname 6 · 0⤊ 0⤋