Stafford Loan Grace Period, Summer?

Question

If I have taken out a Stafford loan and only attend college during the spring and fall semesters, will my lender count the coming summer as my grace period?

Answer 1

Yes, anytime you are not attending at least 6 units you have entered your grace period. The grace period is 6 months long though, so if you do not expire you entire grace period, then there are no consequences. You will still get a full 6months when you are no longer attending at least 6 units once again.

Your grace period only expires if you use the entire 6 months. If the entire 6 months is not completely used consecutively, then you still get a full 6 month grace period.

So, because the summer term only lasts about 4 months, your loan will be fine. You will not enter your repayment period, because the 6 months will not expire, and you will not lose your grace period on the loan once you stop attending school for good because your grace period is only lost if the full 6 months is used.

Now, if you stop attending at least 6 units in the spring term, then decide not to attend the fall term for whatever reason, your grace period will then expire because they will count the entire summer term and fall term (which would exceed the 6 month period).

In short: the grace period starts ANY TIME you are not attending at least 6 units. If you begin attending at leat 6 units again any time during that 6 month grace period, then your loan goes back into deferment and your grace period will start all over next time you drop to under 6 units.

Answer 2

YES AND NO.

If you intend to go back to school in the fall after the summer you are fine. You dont have to go to school all year round to continue your deferment. However, if you dont go back to school in the fall after the spring semester, your grace period will start with the day you finished in the spring semester.

Answer 3

No. Because summer is not 6 months. Generally people take summer vacations. As long as you're still enrolled it shouldn't be a problem.