If I graduate from university and return to start another degree the next semester will my fed loans continue?

Question

I attend a university and I want to change my major from nursing to psychology here, which will push my graduation date up to August 2009. Then I want to begin a nursing degree at a community college fall 2009. I have a federal subsidized and an unsubsidized loan. Will my loans roll over and continuing accumulating (like they have been) or will I have to start paying them back once I finish the psychology degree?

Any helpful answers and resources are appreciated!

Answer 1

You should have a grace period of about 6 months after you cease to attend school for at least half time or 6 credits per semester.

If you do have to start paying them back, don't consolidate them because if you do go back to school they won't go back into deferment.

As far as taking out new loans, they should keep accumulating for the duration of your schooling.

Check out your schools financial aid office for more help or call the lender and ask .

Good luck!!