Anonymous asked in Education & ReferenceFinancial Aid · 2 months ago

Student loan repayments during semester off?

Payments for a semester off

So I recognize that I have 6 months after my last day of classes to start paying off my loans. I have a really great job opportunity that’s contracted to last through fall semester requiring 55 hours a week. I want to take the semester off to get this experience, but I’m trying to avoid my grace period being used up. I didn’t take any classes over the summer so I’m sure it would be used if I didn’t register for classes. My question is if I enroll for classes in the fall and drop them within the first week or two, does my grace period reset? I’m finishing my degree in the spring so I will definitely be going back. I just need some ideas to save my grace period.

2 Answers

  • 2 months ago

    Grace periods do NOT "reset".  Your school will report that you are no longer enrolled, and the grace period calendar starts on that day.  If you return to school, your loans enter "in-school" deferment - but if you used all 6 months of your grace period, your repayment date starts the minute your are no longer enrolled on at least a 1/2 time basis - so one PE class will not help you.

  • Anonymous
    2 months ago

    Try signing up for one  easy class, like a PE class, to keep your enrollment. Take it at night if you need to.  You can use the exercise to relieve the stress of working so may hours, anyway.

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