college loans - need help please Forum

[mvonh001]

Anyone here know anything about federal college loans. i currently have about 40k in loans and i graduate in december, now with these loans i have 6 months to get back into school or i have ot start paying them back... so would it benefit me to stay in college until june like a normal student if i plan to attend law school in august?

[Chriz]

I would just apply for IBR after you have to start paying.

[LegaleZy]

PAYE is a little bit better than IBR since you'll be elgible for repayment in 20 opposed to 25 years. The other option would be a voluntary deferment or forbearance for a few months to act as a bridge between your graduation and law school entry.

[RoaringMice]

Another option is to pay on your loans for the couple of months you'd need to, then defer once you get to law school. I suggest this as an option because some of your other options for things like income based and etc. "deferrals" can come with fees, increased interest charges, penalties, etc.

[MKC]

Anyone here know anything about federal college loans. i currently have about 40k in loans and i graduate in december, now with these loans i have 6 months to get back into school or i have ot start paying them back... so would it benefit me to stay in college until june like a normal student if i plan to attend law school in august?

If you skip a spring semester, which is what you're doing, they don't count the summer against your 6-month period. As long as you enroll in August, you'll be fine.

[mvonh001]

Anyone here know anything about federal college loans. i currently have about 40k in loans and i graduate in december, now with these loans i have 6 months to get back into school or i have ot start paying them back... so would it benefit me to stay in college until june like a normal student if i plan to attend law school in august?

If you skip a spring semester, which is what you're doing, they don't count the summer against your 6-month period. As long as you enroll in August, you'll be fine.

Who do i ask about this? I called my loan issuer and asked about this whole process and she seemed a bit clueless. So you are saying that when i graduate in December I dont need to notify anyone of my graduation as long as I intend to go to school in august? Right?

[MKC]

My loan payments were suspended during the spring semester. If I'm returning to school in the fall, will you automatically suspend my payments over my summer break?
If you never started making payments on your loan, your 6-month grace period will start when you begin your summer break. You do not need to make any payments during the grace period, and we will automatically postpone your payments when you return to school in the fall.

If you already used your full grace period and started making payments on your loan, you may be eligible to postpone payments, but you must request to do so; we will not automatically postpone payments for you. To request that we postpone payments over your summer break (or during a winter break):

You must have been continuously enrolled the entire previous semester.
You must return to school at least half time for the next semester.
If you meet these criteria, contact us by phone at 1-800-699-2908 or in writing at the address below to request this postponement:

FedLoan Servicing
P.O. Box 69184
Harrisburg, PA 17106-9184

There ya go. It looks like you need to request a postponement, but it looks pretty straightforward.

[mvonh001]

My loan payments were suspended during the spring semester. If I'm returning to school in the fall, will you automatically suspend my payments over my summer break?
If you never started making payments on your loan, your 6-month grace period will start when you begin your summer break. You do not need to make any payments during the grace period, and we will automatically postpone your payments when you return to school in the fall.

If you already used your full grace period and started making payments on your loan, you may be eligible to postpone payments, but you must request to do so; we will not automatically postpone payments for you. To request that we postpone payments over your summer break (or during a winter break):

You must have been continuously enrolled the entire previous semester.
You must return to school at least half time for the next semester.
If you meet these criteria, contact us by phone at 1-800-699-2908 or in writing at the address below to request this postponement:

FedLoan Servicing
P.O. Box 69184
Harrisburg, PA 17106-9184

There ya go. It looks like you need to request a postponement, but it looks pretty straightforward.

Thanks for that info.