In the course of borrowing money for college, you may have heard that your loans won’t go into repayment until six months after you graduate from college. It’s a common belief, but it’s not exactly accurate.
Many federal and private student loans provide the option to defer payments while the student is enrolled at least half-time and both provide a grace period before the student needs to begin paying. But that grace period doesn’t necessarily start on graduation day. It can begin whenever a student’s enrollment drops below half-time, whether due to graduation or taking a semester off.
Why Take a Semester Off?
“Many students take an academic term off to work full-time for a short period to earn money to pay for the next phase of their education,” said Anita Thomas, senior vice president of Edvisors, a website that provides information and advice on financial aid for students and their parents. Læs videre “What Happens to Student Loans When You Take a Semester Off?”