deferring undergrad loans

[littlecaitling]

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Hello,

I'm currently a senior at a small private libarts school in boston. I plan on continuing my education (specifically grad school), however I'm looking to take anywhere from a semester to a year off in between. I understand that there is generally about a 6 month grace period after graduation (in may) before I have to start payments. My mother is convinced that if I take any time off in between grad school and ug that I'll enter into repayment and will have to pay off my ug loans as a full-time grad student. My question is, will I be able to defer payments again once I'm enrolled as a full-time grad student? I have stafford, perkins, and private loans, through chase.

Thanks in advance.

 

[alwaysaangel]

Hello,

I'm currently a senior at a small private libarts school in boston. I plan on continuing my education (specifically grad school), however I'm looking to take anywhere from a semester to a year off in between. I understand that there is generally about a 6 month grace period after graduation (in may) before I have to start payments. My mother is convinced that if I take any time off in between grad school and ug that I'll enter into repayment and will have to pay off my ug loans as a full-time grad student. My question is, will I be able to defer payments again once I'm enrolled as a full-time grad student? I have stafford, perkins, and private loans, through chase.

Thanks in advance.

Depends on the loan. Stafford and perkins should be able to go back into deferment for a while. The private loan may or may not. You can definitely run out of deferment. A friend of mine has and owes $300/month while in med school - its killing his budget for school but he can't get out of it.

Call the banks - get it in writing and plan ahead. Find out if your deferment will get you all the way through med school.

 

[Isoprop]

yes indeed call the banks. but generally, you can defer your loans while doing full-time grad even after repaying during "time off." this is from my experience but i have no private loans.

 

[littlecaitling]

would it have been any different if i went straight from undergrad to grad, no time off in between?

 

[TMP-SMX]

would it have been any different if i went straight from undergrad to grad, no time off in between?

That also depends too. You have to look up the terms of your private loans to find out.