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Question about deferred student loans and dropping out...

I'm seriously considering dropping out of Everest with the plans of going to a community college next fall (classes have already started this fall). But, I've heard that once I drop out instead of having the 6 months grace period, payments would begin immediately. I've also heard that if I go to another school the payments would continue to be deferred. Can someone explain how this would work?

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kristinas8

Asked by kristinas8 at 7:17 PM on Sep. 28, 2009 in

Level 8 (235 Credits)
Answers (5)
  • Im pretty sure that student loans are deferred as long as you are still attending school at least 3/4 time; however, everest might have a different type of loan that you have to pay on if you are not actually attending everest. Call the institution that you received the loan from and ask them what their policy on this is.
    lowencope

    Answer by lowencope at 7:22 PM on Sep. 28, 2009

  • Student loans are deferred as long as you are attending school atleast 3/4 time, which is 9 credits out of 12. Also, you would have 6 months before having to start repaying the loans. That is if the loan is one that is backed by the government.
    tyfry7496

    Answer by tyfry7496 at 9:03 PM on Sep. 28, 2009

  • If its a community college, its not to late to transfer, often they have short courses, that start up late fall, and if your too late for fall semester, the winter semester starts in January.
    Imamom4sure

    Answer by Imamom4sure at 11:37 PM on Sep. 28, 2009

  • Contact your lender & ask about deferment & forbearance options. I havent attended school since 1993 & until this year I only made one year of real payments. I've finally run out of options & am now paying again. If I can stretch it out this long, I'm sure anyone can! Just dont let it go into default!
    Anonymous

    Answer by Anonymous at 1:53 AM on Sep. 29, 2009

  • Sometimes the for-profit schools require you to sign a contract that commits you to completing the program. You may need a lawyer to help you.

    rkoloms

    Answer by rkoloms at 10:39 AM on Sep. 29, 2009

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