Deferring Loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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romothesavior
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Deferring Loans

Postby romothesavior » Tue Jun 15, 2010 12:36 pm

Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?

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hiromoto45
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Re: Deferring Loans

Postby hiromoto45 » Tue Jun 15, 2010 12:41 pm

romothesavior wrote:Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?


Yes. Your law school has to send an in-school deferment form to fed loans when you start.

There is a six-month grace period so no interest accrues.
Last edited by hiromoto45 on Tue Jun 15, 2010 12:54 pm, edited 1 time in total.

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stratocophic
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Re: Deferring Loans

Postby stratocophic » Tue Jun 15, 2010 12:42 pm

romothesavior wrote:Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?
Can't do it till August. I checked when I did my housing :? Dunno if the first opportunity we'll have is during orientation or the first week of classes, though.

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romothesavior
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Re: Deferring Loans

Postby romothesavior » Tue Jun 15, 2010 12:50 pm

stratocophic wrote:
romothesavior wrote:Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?
Can't do it till August. I checked when I did my housing :? Dunno if the first opportunity we'll have is during orientation or the first week of classes, though.


I thought I had to defer them by a certain time or I'd have to pay the interest? Is that not true?

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stratocophic
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Re: Deferring Loans

Postby stratocophic » Tue Jun 15, 2010 12:57 pm

romothesavior wrote:
stratocophic wrote:
romothesavior wrote:Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?
Can't do it till August. I checked when I did my housing :? Dunno if the first opportunity we'll have is during orientation or the first week of classes, though.


I thought I had to defer them by a certain time or I'd have to pay the interest? Is that not true?
Depends. Fed loans, at least Staffords, have 6 month grace periods until repayment. I guess this summer eats up half of it, and the summer after grad and before taking the bar and starting a job eats the other half. They basically told me they couldn't do it until we were officially enrolled... kind of a stupid system. This is essentially no different from the past 3 summers when I was in between semesters. If lending institutions are worried about people applying with no intention of going and then not attending in order to dodge payment, why wouldn't they just apply the interest retroactive to graduation if someone doesn't end up enrolling?

PirateCap'n
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Re: Deferring Loans

Postby PirateCap'n » Tue Jun 15, 2010 3:05 pm

romothesavior wrote:Sorry for the n00bish question, but I searched the forums and couldn't exactly find my answer to this.

I need to defer my federal undergraduate loans. Do I need to send anything in to my soon-to-be law school to verify that I qualify for an in-school deferment?


When I called to ask this same question, the lender told me that the law school would automatically send a form notifying them that the student was still in school and that the loans should be deferred.

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chicagolaw2013
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Re: Deferring Loans

Postby chicagolaw2013 » Tue Jun 15, 2010 6:00 pm

On this topic, what do they qualify as "officially enrolled"? Because I should have my schedule confirmed and be technically enrolled in classes in July, but I don't have to actually show up to class until August.

Just want to have my ducks in a row...I've been paying my ridiculous undergrad loan payment for the past 3 years...can't wait to see what my new loan payment after LS is going to look like. Yikes. Thank youuuuuu IBR.




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