Repayment on current loans

Started by AUTigers
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AUTigers

AUTigers

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Well, here's the deal. I've recently decided to postpone applying to dental school. I was going to apply for the 2006 cycle, but since my grades are so terribly awful, I decided to wait for the 2007 cycle. I'll be graduating with a bachelor's degree in Spring 2006, meaning that I will be out of school an entire year. Point is, I am currently receiving financial aid and have been for the past two years, and if I take that year off, will I have to start repaying my loans? Does anyone know if there is an exception to this repayment rule, or who I should contact directly? Thanks for any input.
 
For most loans, there is typically a 6 month grace period before repayment begins. I imagine if you're not going to be in school for longer than that, the payments will come knocking. As opposed to going directly from dental school from undergrad, where by using FAFSA, the loans all roll together and wait for your dental school graduation to arrive.
 
Yes, unless you enroll in classes to try to raise your GPA, the loan repayments will start 6 months after you graduate with your BS. You'll have to make the payments for those 6 months prior to Dental school and then they'll be deferred once again if you're accepted to Dent School.

You can contact your school's Financial Aid office and request a special deferral since you'll be applying to school again, but more than likely it won't be approved.
 
Most cases you can defer for another 12 months if you can not afford to pay. ALso you may want to look into consolidating your loans, because if they come due simultaneously you may have 4 loans to pay at once as aopposed to one

There are many payment programs to help you repay.
 
AUTigers said:
Well, here's the deal. I've recently decided to postpone applying to dental school. I was going to apply for the 2006 cycle, but since my grades are so terribly awful, I decided to wait for the 2007 cycle. I'll be graduating with a bachelor's degree in Spring 2006, meaning that I will be out of school an entire year. Point is, I am currently receiving financial aid and have been for the past two years, and if I take that year off, will I have to start repaying my loans? Does anyone know if there is an exception to this repayment rule, or who I should contact directly? Thanks for any input.
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Well since you are graduating why do you care? Get a job and start paying on your loans. They are your financial obligation and you did know that you would have to pay sometime. Why defer them now so you can get deeper in debt???
 
AUTigers said:
Well, here's the deal. I've recently decided to postpone applying to dental school. I was going to apply for the 2006 cycle, but since my grades are so terribly awful, I decided to wait for the 2007 cycle. I'll be graduating with a bachelor's degree in Spring 2006, meaning that I will be out of school an entire year. Point is, I am currently receiving financial aid and have been for the past two years, and if I take that year off, will I have to start repaying my loans? Does anyone know if there is an exception to this repayment rule, or who I should contact directly? Thanks for any input.
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You can ask for a forebearance if you don't want to repay any loans for the time between the end of your grace period, and when dental school starts. It takes a bit of footwork to get this done, so I would contact your schools financial aid office to discuss.
 
Once again, thanks to everyone for all of the advice. I'm starting to feel better about my decision without worrying about the money issues.
 
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