Please Help! Federal Student Aid Repayment?
I am a senior in college, My father passed away before fall term and I chose to take the year off for personal reason. I just got a bill from the department of education for repayment on my student loans. I still have a year of school left and I am not in the position to start making the payments. I plot to start back Fall of 2009. Any help or in rank would be greatly appreciated. Thank youFile for a leniency with the dept. of education citing your hardship situation and let them know that you intend to continue your education at a later date . I have found that they will work with you. They are not the boogeyman as some would have you reckon.
I agree with the answer just posted. Just call them, they will work with you, if not you might be able to get your payment plot structured differently.
They would appreciate you racking up more debt. These are one of the very few items you can’t write off in bankruptcy court. You’ll get penalties added on every time you miss a payment,too. Excellent luck paying back that $ 40,000 at 7% interest. The $ 25,000 a year you make with the BA should keep you in the hole until you’re 50.
Can repayment of Federal Student Aid be delayed if you return to school full time if you’ve already graduated?
Yes. It is a deferment, not a delay. But you should still make payments on the interest.
Yes, it can, and they can usually be deferred or place into leniency if you need some time after you graduate to get your finances in order. Defered means interest does not accumulate, where loans start leniency accumulating interest.
Financial Aid for Summer Sessions?
I am currently a super senior (5th year) at my university and due to unforeseen conditions, I will not be attending the school this year. Opportunely, I already have enough credits and all of my major work done to graduate in December. To help postpone the impending student loan repayment, I want to start a graduate program next year. The odd thing is my program starts in June of 08. Obviously since this a grad program, I will need help and since being enrolled is necessary for undergrad loan deferments, it is vital for me to start plotting now. Now, how would financial aid work for students beginning programs in June? Moreover, I’ve already filed my FAFSA for this year for my undergrad society (which will not be my grad society). Would I need to refile the FAFSA–by when if my grad school isn’t even accepting applications yet? Does federal aid cover summer school? This would be a lot simpler if the program started in the fall like normal programs…First of all, the Fafsa will cover you wherever you go. Just make sure that you list ALL schools you reckon you may attend, that way all your in rank will be on file. Next, most loans wait up to six months before you have to start paying back any money, you may want to call them and give them a heads up about your situation. THey may be able to work with you in terms of time. If not then you might also be able to question for a leniency. Most loan institutions are really excellent about these; it only requires filling out a paper explaining why you need the leniency. If none of these options work then you may have to pay your loan for a couple of months before you enroll again and then you can defer your loans again. Excellent LUck:0
Repayment book William D. Ford Federal Direct Loan Program (SuDoc ED 1.310/2:430472)
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First, you can take an economic hardship deferment. Just call the company and tell them about your dad and that you just need a deferment until you can get back to school. You can take a deferment for up to 2 years for the life of a loan.
Hope that helps,
Alicia
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