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Hi, I am doing very bad my first year of college. I don't seem to be prepared at this point to be able to pass my classes. I am miserable at the college I am at. I need advice on my student loans. I have $15,000 in loans. If I quit the semester right now and transfer to a tech school or easier smaller college will I lose my loans and have to start paying them right now?
Hi, I am doing very bad my first year of college. I don't seem to be prepared at this point to be able to pass my classes. I am miserable at the college I am at. I need advice on my student loans. I have $15,000 in loans. If I quit the semester right now and transfer to a tech school or easier smaller college will I lose my loans and have to start paying them right now?
Any loan money you receive this semester is yours but you will lose any and all financial aid that you would receive next semester, you will have to reapply for financial aid at the new school, but you will not have to start paying back any loan until after you are done with college.
K-luv is correct, you will probably have to reapply for aid. But if you wait too long to start at another school your loans will kick in after 6 months. As long you can show you are registered you should be OK.
But you are so far into the semester you will probably end up paying for the entire semester at your current school anyways. Make sure you apply to the new school as soon as possible to get them moving on the loans.
Hi, I am doing very bad my first year of college. I don't seem to be prepared at this point to be able to pass my classes. I am miserable at the college I am at. I need advice on my student loans. I have $15,000 in loans. If I quit the semester right now and transfer to a tech school or easier smaller college will I lose my loans and have to start paying them right now?
Have you tried talking to any of your instructors? What are the terms of your loans?
Begin the process of transferring to a community college your next semester. Just send them your FASFA information. And speak to advisers (both academic and financial aid officers) at both colleges to ensure there are no hookups.
Hi, I am doing very bad my first year of college. I don't seem to be prepared at this point to be able to pass my classes. I am miserable at the college I am at. I need advice on my student loans. I have $15,000 in loans. If I quit the semester right now and transfer to a tech school or easier smaller college will I lose my loans and have to start paying them right now?
How can you have $15,000 in loans already if this is your first year? At most, it's your second semester. Plus, these are questions you should be asking your college financial advisor rather than a bunch of anonymous people on the internet.
If your loans are Federal Loans (Stafford, Perkins), then your loans would go into repayment after 6 months of less than half time attendance (might be 9 months for Perkins). If you re-enroll in school (at least half time) before the end of the 6 month grace period, then your loans should not go into repayment. If any of your loans are private student loans, then you would want to check with the lender of the loan to find out about grace periods, deferments, etc.
I would also follow the advice of talking with your school(s) to make sure you know exactly how it will all work.
Thank you I will do that first thing tomorrow. I have used around 7,000 of the loan this semester. 4,000 is private I believe. I will have to get in contact with someone to find out what the grace period would be.
The grace period is 6 months. If you enroll in another school and attend winter session, you will still be in-school status so the grace period will not start. For some loans, once you enter the grace period, the clock starts. For instance, if you were out of school for 4 months, when you graduate you'll only have 2 months of grace left. Summers off don't count as long as you return to school that fall.
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