I’m asking this question for my girlfriend. She is looking to take out a student loan. The problem she is looking at is that she wants to get her masters degree as well. where we go to school; she has to spend a year in ICU(Intensive care unit or emergency room) at a hospital before she can go for her masters in anesthesia, after she gets her single’s degree. So she leaves school for a year and has to go back for 2 more. In those 2 years she will not be working; can the payments still be held off until she is done with her masters degree? I know that every loan has different guidelines but this is more of a general question. thanks for all the help!
Some colleges do give you a grace period before you have to start paying off your loans. This period can be extended as long as you are attending an educational institution. It really depends on your situation, and I would check with your loan advisor or Financial Aid at whatever institution you are currently attending whose loan is under question. Hope this helps!
You usually have a 6 month grace period from the date you end school. There are also other equipment you can do to defer paying. One time my husband got laid off and we deferred payment for a year. Keep in mind though, you still pay interest the whole time.
When I graduate college, I have a grace period of time to find a job and then I have to start paying my loan straight away….so as soon as I graduate I really need to have a job lined up…but talk to your financial advisor, most loans are all different…
I reckon you can get a 6-9 month grace period after graduating. Then once she resumes school, I reckon she can get a deferrment or a touch along those lines. But you may want to research this information yourself, directly from the sources rather than here to be sure you are getting the right information.
After reading the last answer, I wanted to add that I am a residency coordinator and while the residents are in the program, they are not required to make payments on their students loans (now granted, by the time all is said and done, they’ll have a ton to pay back between med school and pre-med, but once they start practicing, it won’t be too hard for them).
Government student loans give you six months between leave-taking school and starting payment (no payments/interest in that time).
You also can get a leniency on government student loans. You would get a touch like another six months without payments, then start repaying or get another leniency. Usually being unemployed will get you there. But, be aware that you WILL be charged interest on a loan in leniency.
my wife did an internship and the student loans were deferred until six months after she landed a job.
you can get a deferment of payment if you are not working as long as you report it to the loan authority.
that is how it works in my state.
i reckon federal student loans have the same rules no matter where you are.