Will I have to start back paying college loans if i take a break from college?

Question

i plan on taking a yr. break bc i need to work and save some cash. Will i have to start paying my loans back. I plan on enrolling back in school in a yrs. time?

Answer 1

If you drop below part time (most cases 6 credit hours), you'll enter into a grace period and then you will have to start repaying

Answer 2

Yes, unless you can claim economic hardship. You have to call up the loan place and ask for their guidelines, and trust me that are a number of loopholes in the hardship. They are not always that helpful, so ask for their guidlines in writing.  This will defer your payments for the year you are out.  I called my loan place and had to ask four times what the h**l my interest rate was. the guy kept beating around the bush because i was thinking about refinancing it.

Answer 3

Yeah the 6 month deferenment period in the loan will be gone at 6 monthes into your year long break, the clock starts ticking once you stop going to school either full time or part time depending on the language of your loan, not upon graduation.Personally i would suggest take the minimum amount of hours nessecary to keep that from being taken away, mainly i would suggest taking night classes, online classes, or just going to school part time so that way you are still enrolled, but it makes getting the hours you want easier.

Answer 4

Well, uh, if you're working to GET cash, it doesn't make a whole lot of sense to pay off your debts at the same time, does it now?

Answer 5

No, you start paying them once you graduate