deferring undergrad loans

littlecaitling

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Apr 3, 2008
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Long Island NY/Boston Ma
  1. Pre-Veterinary
    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

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    Sep 4, 2006
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    Orange, CA
    1. Resident [Any Field]
      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

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      Oct 16, 2007
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      1. Medical Student
        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.
         
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