Deferring Loans

[orthomyxo]

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I am trying to transfer out of my current institution, and I'm a bit confused by how my outstanding financial aid will be handled. Will I have to start repayment after I withdraw, even if I'll be enrolled full time at another institution? Or will they defer all of the loans until after I graduate from the school I'm transferring to?

 

[Neurocentric]

Will you be transferring mid-year, or after this year?

In any case, you'll have to call your lender(s) and let them know, and see what they say. Most likely, you might have to defer for a couple of months, or make the minimum payments if they will not hold off on you owing them anything while you transfer. Regardless, they will need to know what's going on anyway. Usually, repayment starts 6 months after you go under full-time for subsidized loans (if I remember correctly; I always confuse sub with un-sub).

 

[orthomyxo]

Will you be transferring mid-year, or after this year?

In any case, you'll have to call your lender(s) and let them know, and see what they say. Most likely, you might have to defer for a couple of months, or make the minimum payments if they will not hold off on you owing them anything while you transfer. Regardless, they will need to know what's going on anyway. Usually, repayment starts 6 months after you go under full-time for subsidized loans (if I remember correctly; I always confuse sub with un-sub).

I will be transferring into the fall semester of my sophomore year, so there will be no time gap between my enrollment (besides the summer months). I'm not sure if it matters, but I don't have any private loans. They're all federal: one subsidized, one unsubsidized. I also have a loan from the school itself.

 

[Neurocentric]

I will be transferring into the fall semester of my sophomore year, so there will be no time gap between my enrollment (besides the summer months). I'm not sure if it matters, but I don't have any private loans. They're all federal: one subsidized, one unsubsidized. I also have a loan from the school itself.

Yeah, I would definitely call them and let them know, but from what I can tell, you probably won't have to pay anything. Since your only gap would be the summer months, it would be as if you were just getting through the summer between college years like everyone else. However, even though they can see the Clearinghouse info (that tells them where you're enrolled and if you're still full-time and all) I would give them a heads-up just in case that new information is delayed.

 

[orthomyxo]

Yeah, I would definitely call them and let them know, but from what I can tell, you probably won't have to pay anything. Since your only gap would be the summer months, it would be as if you were just getting through the summer between college years like everyone else. However, even though they can see the Clearinghouse info (that tells them where you're enrolled and if you're still full-time and all) I would give them a heads-up just in case that new information is delayed.

OK, sounds good. Thanks man.

 

[Neurocentric]

OK, sounds good. Thanks man.

No problem 🙂

PS: I is a girl