![]() ![]() The specific terms of the payment plan will depend on your college financial aid department. If you do, you’ll either have to repay it in full within 45 days or get on a payment plan. Your school will make it clear if you have to repay the grant. If you received a federal grant, like the Pell Grant, and left school before the academic year was over, Kantrowitz says you may have to repay part of that grant. If you return in the spring semester, your work-study job may have gone to someone else. These positions also generally are distributed to students on a first-come, first-served basis. Work-Study Eligibilityīecause work-study is determined based on your need, it may not be available when you return from a break. According to Mark Kantrowitz, financial aid expert at, students who work full-time and then return to school may receive less need-based aid because their income will be factored into the Free Application for Federal Student Aid (FAFSA). If you take a break and plan to return before your grace period is over, make sure you know the exact date you need to come back.Īlso, your financial aid situation may change when you return to school. ![]() In this case, you would be eligible for the grace period when you graduate or drop below part-time status. The only way to avoid this is to re-enroll before the six months are over. You won’t get another six-month grace period. But if you leave again or graduate, your payments will kick in immediately. If you return to school after the grace period has ended, you’ll be eligible to have your federal loans deferred while in school. If you don’t have a job, your monthly payment will likely be $0. You also can switch to an income-driven repayment (IDR) plan, which may significantly decrease your monthly payment. If you can’t afford to do that, you can request a deferment or apply for forbearance. Once the grace period is over, you’ll have to start making payments on your student loans. Interest will still accrue during this time, unless you have direct subsidized loans. This grace period kicks in automatically once you drop below part-time status, like when you drop out or graduate. If you have federal student loans, you’re entitled to one six-month grace period during which payments will not be required. If you’re already enrolled, taking a break from school can have unforeseen consequences. What to Consider Before Taking a Break From College So what exactly are the potential consequences of taking a break from school, and how can they be avoided? We have the answers you need below. If not managed carefully, a gap year can create unforeseen challenges in finishing a degree. For many college students, that means taking some time off from their current degree path.īut while taking a break can sometimes be the right choice, it’s usually not as simple as just pressing pause. From industries to individuals, the Covid-19 pandemic has forced us all to reconsider what normal looks like.
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