Do you have to start repaying your student loans if you take a gap year?

[Tipp]

And if so, does it halt again once you start medical school, or no? Anyone have experience or knowledge about this?

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[DoctorLacrosse]

Feel like I know the answer to this, but I'd like to know as well, just to make sure 🙂

 

[lovesfall]

I believe that you go into repayment 6 months after graduation unless you have already cut into your deferral time, in which case they could become due sooner. So, technically you could go into repayment during gap year. If you can't afford it, you can request a forbearance, but interest will continue to accrue. Once you're in medical school, you can have an academic deferral again. In deferral, your unsubsidized loans will accrue interest but your subsidized will not. At least, that's what they told me.

 

[femoralgirl]

I believe that you go into repayment 6 months after graduation unless you have already cut into your deferral time, in which case they could become due sooner. So, technically you could go into repayment during gap year. If you can't afford it, you can request a forbearance, but interest will continue to accrue. Once you're in medical school, you can have an academic deferral again. In deferral, your unsubsidized loans will accrue interest but your subsidized will not. At least, that's what they told me.

This is correct. I am in my gap year currently and my grace period ends next month. If you plan to take a gap year, it is a good idea to try to pay off as much of your undergrad debt as possible during that time so that interest accumulation is limited throughout medical school.

 

[sinombre]

Yep--I pay $300-ish every month.

 

[wooki]

yes you do pay for your loans during your gap year and then it will get deferred once medical school starts. if they are government loans, you can apply for income-based repayment, so you don't have to pay so much.

 

[Smiles91]

this was a good question.

I plan to take a year off but after 6 months I plan on paying some back. I actually plan on paying some of my debt off even earlier if possible

 

[Tipp]

yes you do pay for your loans during your gap year and then it will get deferred once medical school starts. if they are government loans, you can apply for income-based repayment, so you don't have to pay so much.

Thanks you all for the help. I never thought about this until like this week, and I am already committed to taking a gap year so I gotta weigh my options lol. Thanks.