what happens to undergrad debt?

[ModyzMalak]

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hey SDN,

i know some ppl have less than $10k in undergrad debt, some $30k or more. and for me at least, im suppose to start paying them back in 2012. however this is on the assumption that i chose a major with a lucrative career market and that i can find a job 6 mos after i graduate. okay...back 2 the real world...

what happens if you are trying to get into med school...or i suppose any post grad education? is there loan deferment until after you finish your grad? all my loans are federal loans and i only have about $10k now but its going to take me 5 years to finish so I will most likely have around $15k.

if i get into med school with i be expected to be paying on these loans?

thanks for the help!

 

[Appless]

you defer while in med school

 

[Kaustikos]

if i get into med school with i be expected to be paying on these loans?

thanks for the help!

Absolutely not. As long as you're in school, you will not have to worry about repaying loans. If, however, you want to save money to pay it off, that's something else entirely. As long as you have intentions of staying in school, you should be fine.

 

[Lukkie]

IT DEPENDS ON THE LOAN. The Federal Subsidized Stafford Loans for example, have the caveat that if you enter a degree granting program, the government will once again handle paying interest until you graduate. Some private loans might not be so friendly.

 

[ModyzMalak]

ohh okay...thats what i thought but i wasnt sure! thanks for the confirmation

 

[Mattabet]

what happens to undergrad debt?

First the debt travels from you bank account to your brain, causing a sense of indistinct anxiety. From there, it moves through the digestive system to the kidney, where it will be excreted in the form of a kidney stone. Yet another reason to try to pay off as much of it as possible.

Many people defer while in medical school, paying down on it when/if they can.

 

[Excelsius]

IT DEPENDS ON THE LOAN. The Federal Subsidized Stafford Loans for example, have the caveat that if you enter a degree granting program, the government will once again handle paying interest until you graduate. Some private loans might not be so friendly.

This is great. I didn't know that. I am assuming that you know this for sure.

 

[Bacchus]

It depends on your lender. For example, I have CitiBank loans and they have a 6-month grace period from the time of graduation (this past May) and can be deferred as long as I am half-time or more.

 

[Lukkie]

This is great. I didn't know that. I am assuming that you know this for sure.

When you get the loan documentation, take the hour or so to read the fine print. Especially after you graduate (and you're taking a year off or something) and they send you that tome of papers. I didn't and I got burned - there was a spot that I forgot to sign or signed where I shouldn't have, that made me lose that 6-month grace period. So my loans needed to be paid starting one month after graduating rather than 6 months. I didn't know that and sure enough I had a late fee soon. 🙁