Student Loans Deferment and Grace Period?
February 22nd, 2012
I finished up my bachelors degree in June, using financial aid. I am now going back to school, to get a masters, starting December 1. I’m still in my financial aid grace period, as that doesn’t end until December 28. However, I was under the impression that if I started back in school during my grace period, that I wouldn’t have to make payments until I finish my masters. However, I got an email from Sallie Mae today talking about my repaying one part of my loan and when my payments would start, how much they would be, etc. This sent me into panic mode, because one, I’m freaking out about money at the moment. Two, the only reason I didn’t immediately continue into grad school is that in March of this year, my husband moved out, we became separated, I finally filed for divorce in June, right around the time that I graduated, and was worrying about that and couldn’t worry about school at the same time. The divorce was final in September, and about that time I started a new job (sorry so much info, but just wanted to give a heads up about everything going on). Anyway, so now that my life is back on track, I’m ready to start these classes and better myself. However, if all of the sudden I start owing money I don’t have, I’m in a panic mode. Especially since I logged into my Sallie Mae account and clicked on deferment and it told me that these types of loans were ineligible for deferment, though in the letter I got, it specifically said under "Your Rights" that being enrolled in school at least half-time would qualify. Is this some kind of loophole that I fell into, or is it possibly just because since I haven’t started school yet that it isn’t posted? I already filled out my information for FAFSA, the school has received it and and everything is set to go with the admissions department. Do I need to talk to Sallie Mae (who are closed today) or talk to the schools’ financial aid office? Or better yet, does ANYONE know if all of this will fall into place itself once I officially start school and let Sallie Mae know that I am back in school, before my grace period is over? I mean, as in I returned to school before the end of the grace period. Or does that not even count as a deferment since the grace period wasn’t over and this falls into something completely different?
Thanks SO MUCH in advance for any help.
Wow. Calm down. First, you have until December. I am assuming that you plan to be in school by then so, all you have to do is have your financial aid office fill out a deferment request for you once you start. You cannot defer your loans now because they are already deferred, that is why they are not eligible at the moment. Depending on your situation you may also qualify for an Economic Hardship deferment if you decided to put off school. Everything you said about your loans is normal. For more information about postponing payments please see:
http://studentaid.ed.gov/PORTALSWebApp/s…
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