leave of absence?

[Ol'Girl]

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Anyone know what happens to your financial aid should you take a year of absence? I assume you have to start repaying during your year of absence... but then what happens when you go back to school full-time? 😕

 

[southerndoc]

You have to start repaying. You can take up to a 6-month grace period, but if you do this, I don't think you can take the grace period when you graduate.

When you start school again, you will be classified as a student again and will no longer be in repayment.

Also, remember that your interest rates increase when you are in repayment.

You *may* qualify for forbearance and/or economic hardship during your leave of absence, but I cannot guarantee it. You really should speak with your financial aid office and call your lenders! Only they can tell you an accurate answer.

 

[JohnHolmes]

Anyone know what happens to your financial aid should you take a year of absence? I assume you have to start repaying during your year of absence... but then what happens when you go back to school full-time? 😕

If you are taking a leave of absence to attend another school--ie what Japhy and some others are doing (leaving med and going to law school for three years) you will not have to start paying back loans.

JH

 

[southerndoc]

If you are taking a leave of absence to attend another school--ie what Japhy and some others are doing (leaving med and going to law school for three years) you will not have to start paying back loans.

JH

Good point, I failed to mention that.