What financial assistance issues arise when taking time off from school?
There are several things to keep in mind if you are on financial assistance and want to take time off.Currently, the Stafford Loan grace period is 6 months. This means that if you take 6 months off, your grace period is up, and your first loan payment will be due as soon as you graduate, withdraw or drop below 1/2 time (6 credits per semester) enrollment. If you plan to take a year off, your grace period is up, and your first loan payment will be due in the middle of the year. The Perkins Loan has a grace period of 9 months, and is handled similarly. You may request that your grace period be extended but it is important to take care of this before taking a leave of absence.A grace period can not be extended after it has expired.
Related Questions
- My schools financial aid office is taking a long time to make a decision about my award. Do I have to wait for them to apply for the I-20/DS-2019?
- Can I get paid by VA for taking courses at another school at the same time I am taking courses at Chaffey College?
- What financial assistance issues arise when taking time off from school?
