Student Loans

[Ballwera]

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If you take a gap year and are not enrolled in school full time are you expected to pay back loans during this gap year? and what happens when you do get accepted to med school?

 

[adeline]

unless you get a deferment, yes you have to pay back.
you can get them put back into in-school/defer once you matriculate

 

[txprodigal]

yeah you got to pay them back usually after your grace period is over (usually 6 months)

once you're in medical school, you can defer again, but as soon as you graduate, you have to start paying back those loans you used up the grace period for

unless you plan on working or you're debt free, a gap year isn't always an option

 

[Ballwera]

I was planning on working i was just more concerned if i could get another deferral once i matriculate

 

[DeadliestSnatch]

I took this past year off to work/figure out where I wanted to transfer and I didn't realize I had to defer my loans. Now they're harassing me to pay them back and it's too late to defer. So I'm pretty much ignoring the problem because there's nothing I can do (I have no money). Yeah, I'm kind of an idiot when it comes to finances. Here's hoping they'll leave me alone eventually since I AM enrolled in school again.

 

[txprodigal]

I took this past year off to work/figure out where I wanted to transfer and I didn't realize I had to defer my loans. Now they're harassing me to pay them back and it's too late to defer. So I'm pretty much ignoring the problem because there's nothing I can do (I have no money). Yeah, I'm kind of an idiot when it comes to finances. Here's hoping they'll leave me alone eventually since I AM enrolled in school again.

be careful...if you default on any government loans, it might make it difficult to get future stafford or grad plus when you start med school

sometimes defaulting even results in you losing your deferment privileges - definitely call them up and try and work it out

 

[txprodigal]

I was planning on working i was just more concerned if i could get another deferral once i matriculate

yeah it should be fine - your medical school will send confirmation of your enrollment to the national student clearinghouse which will then alert your lenders who should automatically put your loans in "in school deferment" but double check with your specific lenders to be sure

 

[DeadliestSnatch]

be careful...if you default on any government loans, it might make it difficult to get future stafford or grad plus when you start med school

sometimes defaulting even results in you losing your deferment privileges - definitely call them up and try and work it out

🙁

 

[WaterBird]

If you take a gap year and are not enrolled in school full time are you expected to pay back loans during this gap year? and what happens when you do get accepted to med school?

if you have a job where you don't make much money you can apply for a hardship deferment.

 

[mvenus929]

Private student loans can be different though... you might have to pay interest on the loans even if you're in school. The others you should have no problem deferring. Personally, I want to get rid of my student loans before med school. They don't amount to much, but it'd put my mind a little more at ease.