Gap year and loan deferral

[peytonbramlett]

Hi all,

I tried to post this on the "Veterinary" forum because I thought I would get better responses there, but that must be the wrong thing to do, so hopefully some vets answer me here. I'm seeking out advice from any current vets who took a gap year between undergrad and vet school. If you did so, and have any advice about how to defer starting to pay back your student loans, please share! Also, if you know anyone who has done this and can share what you know, that would be appreciated as well! Thanks to all in advance who are willing to share.

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[Georgethecat]

If you are not in school, then you will have to start paying back your undergrad loans after the grace period is over. Once you start vet school, you can request to defer the undergrad loans. Subsidized loans will not accrue interest while you are in school, but if you have any unsubsidized loans those will continue to accrue interest even if they are deferred while you are in vet school.

 

[finnickthedog]

I didn't make enough money to make payments on my loans during my (unintentional) gap year. If I recall correctly, I didn't qualify for deferment but I did qualify for forbearance so if you're unable to make payments once the grace period is up, then that's something you can you look into. I think all loans (including subsidized) accrue interest during forbearance. Been awhile since I looked into it though.

 

[Minnerbelle]

If you have federal loans, you should look into income based repayment plans because that will allow you to only pay back what you can afford to at the moment which may be close to zero if you have a crappy job (though it means your loans will continue to grow... I mean... that’s what interest is after all). It’s in your best interest if you can to pay back at least all the interest you’ve accrued before your grace period is up so that it doesn’t capitalize on your principal.

If you have private loans, you should call your lender and ask about your options.

 

[ajs513]

My girlfriend, not a vet or vet student, is pursuing her masters in the fall. She applied for income based repayment through her federal loans and makes about $16/hr. That was low enough that they put her minimum payment at $0 a month. Her private loans were a different story though. She still has to pay $300 a month for that. So it’s very different depending on your lender for private loans. But as long as your loans are federal, you should be able to lower your monthly payment with IBR to next to nothing. Deferment, to my knowledge (having gone through entrance and exit counseling as we all have who took our federal loans), probably wouldn’t be given in your case. But check with your lender.

 

[Jess Monster]

I technically had two gap years between graduate school and vet school. I was in repayment under IBR so my payments were initially $0 (I filed the IBR income paperwork before I had a job/income). Even if your payments are $0, you can still pay something if you want.

If you aren’t in school or part of some specialized program, like Peace Corps, your federal loans will not be deferred. You will go into repayment and be asked by your loan servicer to select a repayment plan. Ask them questions and let them know if you have financial issues.