Loan Deferment

[HopefulReapp]

Hi everyone,

This is probably a silly question, but I'm not quite sure how it works. If I can't find an answer here, then of course I will go look on government sites.

I'm currently in a gap year and reapplying to medical schools. I will start having to pay back undergrad loans once 6 months from graduation begins.

If I am accepted to schools early on, can the loans become deferred from when I get an acceptance? Or is it just when I actually step foot on a campus in the fall. I guess the only reason this matters is that I have a barely minimum wage paying clinical job and need to find an apartment for my girlfriend and I. Taking out the $400 or so a month from an already tiny pay check is not the best.

Thanks

---

Members don't see this ad.

 

[sinombre]

Sorry to hear about your financial situation. You can only defer once you actually start classes. You should contact your lender asap and inform them of your financial situation... there may be something they can do to help reduce and/or postpone your payments.

 

[Doctor Strange]

Sorry to hear about your financial situation. You can only defer once you actually start classes. You should contact your lender asap and inform them of your financial situation... there may be something they can do to help reduce and/or postpone your payments.

Pretty much this. You cannot defer until you are actually in school.

 

[Gauss44]

Hi everyone,

This is probably a silly question, but I'm not quite sure how it works. If I can't find an answer here, then of course I will go look on government sites.

I'm currently in a gap year and reapplying to medical schools. I will start having to pay back undergrad loans once 6 months from graduation begins.

If I am accepted to schools early on, can the loans become deferred from when I get an acceptance? Or is it just when I actually step foot on a campus in the fall. I guess the only reason this matters is that I have a barely minimum wage paying clinical job and need to find an apartment for my girlfriend and I. Taking out the $400 or so a month from an already tiny pay check is not the best.

Thanks

Call your lender and ask. Sometimes they make exceptions.

 

[chem4ever]

Hi everyone,

This is probably a silly question, but I'm not quite sure how it works. If I can't find an answer here, then of course I will go look on government sites.

I'm currently in a gap year and reapplying to medical schools. I will start having to pay back undergrad loans once 6 months from graduation begins.

If I am accepted to schools early on, can the loans become deferred from when I get an acceptance? Or is it just when I actually step foot on a campus in the fall. I guess the only reason this matters is that I have a barely minimum wage paying clinical job and need to find an apartment for my girlfriend and I. Taking out the $400 or so a month from an already tiny pay check is not the best.

Thanks

I have the same issue. I'll be calling my loan providers to see if they would be able to defer for another 6 months if I get an acceptance. If they can't, then I am considering taking 6 online community college credits so that I can be a part-time student and defer. It will cost me about $600 total instead of $500/month.

 

[thisisansley]

Have you tried applying for hardship forbearance? My boyfriend is an actor and has been doing that since he graduated 2 years ago. I'm sure they still screw you over some other way but you at least don't have to pay them back right away.

 

[HopefulReapp]

Thanks for the advice, everyone. I'll update this thread with whatever happens eventually.