Paying Student Loans
how soon will i have to start paying back my student loans?
I still need 3 credit hours to finish my degree, but must take a few months off. Will I need to start paying my loan back before I even finish?
Any time you leave school, the "clock" begins ticking on your "6 month grace period". If you return to school before the six months have run out, the clock resets to zero, and the full 6 months would be available to you the next time you leave school. If you don't return to school within that 6 months, the grace period expires, and your loan repayment obligation begins. If you use up the entire 6 months, you will never regain entitlement to an additional grace period, no matter what your future enrollment status might be.
Remember - "leaving school" does not necessarily mean "graduating" - many students leave school without graduating. Leaving school simply means that you're not registered.
The good news? If your grace period expires, but you subsequently return to school, your in-school deferment will kick in, and put your repayment obligation back on hold. Unfortunately, you may be required to make payments during that interim period between the end of the grace period and your return to school.
I hope that helps. Good luck to you.
Drowning in Debt: US students helpless to pay off education
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