Financial AId?

Question

I just moved to a different state ( Ohio ) from California. I had loans in CA w/ SallieMae and with a Lender. This Semester I will be in Ohio receiving aid from a different Lender ( not Sallie Mae )
Im only going to spend 1 year in Ohio, then Im going to move back to CA and resume school.

My question is: DO I have to pay my loans that I got in CA, if I wont be attending that school for a year? Do I let my lender in CA know that I will be attending school in Ohio?? I just dont wanna make payments on my loans cause Im in school for another 4 years...lol

Answer 1

No..... federal loans are defered while you attend school at least half time as long as you are attending a title IV school which is a school that is eligible to receive funding from the federal govt. No worries in making your payments to Sallie Mae as long as you are in school.

Answer 2

It's a loan, you are definitely going to have to pay it back. But if we are talking about a Stafford loan, you may be entitled to a deferment (i.e. don't have to pay until you get out of school).

Your responsibilities to the lender in this context are:

1) Inform your first lender that you have moved.

2) Apply for a deferment if you won't be paying now. With Sallie Mae, it is easy, you can get the forms from thier website or you can call them. You will probably need to have your status of being in school taking a certain amount of credits certified. That's all done on the form, if my recollection is correct.

Answer 3

Contact your lender and see if they will transfer the funds to your new school or to a bank/lender that's near where you are living either school/home.. No matter where you move you will eventually have to repay the loan... Student loans are repaid a yr. after you are out of school or no longer in school full or part time.. Good luck and I hope you like Ohio...