Gap Year - start loan repayment?

[Mr. Thirsty]

So for those of us who are applying senior year and are facing a gap year between our undergraduate studies and dental school - do we have to start repaying loans 6 months after graduation? What about when we find out about an acceptance, does the acceptance change anything or do they still want repayment in the rest of that gap year?

Obviously I will talk to my advisor about this, but I figured a lot of you have been in this situation so figured I'd ask!

Thanks!

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[Predent1771]

Nope. Being accepted will not defer your loan. I had to start paying after 6 months. Hopefully you can find a part time job or something for your gap year. Sadly being accepted did not change this at all. Payments will continue from 6 months after you graduate until you re-enroll in school. Depending on your loan server you can also apply for longer deferment and explain the circumstances, I know sallie mae and most government serviced loan allow you to apply for a longer deferment. Good luck!

 

[KillaCam]

You could also file for a Forbearance, which with most loans you will automatically have at your disposable for 6-12 months. In this case, the loan continues to accrue interest (where a deferment does not do this) but you are not forced to make payments. It can buy you time if it's necessary until dental school starts, and then it can be changed to deferment status once school starts.