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What happens if you get a student loan and then decide not to go to school?
Wiki User
∙ 16y ago
Probably nothing PROVIDED you pay back the loan. It depends upon whether it was a condition of the loan that you DO go to school. In any event, whether or not you go to school, by its very nature it is a student LOAN and not a student GIFT so you must expect to repay it - one way or another. By its very name it is a student LOAN and not a student GIFT. So whether or not you actrually go to school you will have to repay it. What ELSE did you imagine?
Wiki User
∙ 16y ago
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If a student should decide to leave school permanently for any reason how many months does the student have before he or she needs to begin repaying the Direct Stafford Loan?
6
What If a student should decide to leave school permanently for any reason how many months does the student have before he or she needs to begin repaying the Direct Stafford Loan?
6
What is meant by student loan bankruptcy?
Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.
How do you obtain a federal student loan?
Go to student loan area--financial assistance--at the school where you are applying.
What exactly is a school loan?
A school loan is money provided to you because you are a student, and you have to pay it back because it is a loan. Most student loans do not require you to begin payments back until your graduate.
Can you pay on student loan while still in school?
no
What happens if you received your student loan and then had to drop out of classes?
You can check to see if you can give the full amount back without any or minimal finance charges.You can take the opportunity to save the money in case you decide to go back to school.Or, You can take the opportunity to take advantage of the low interest loan and put it towards a purchase or bills. Most student loan payments don't start until 6 months after you have left school.
If you default on a private student loan through a private lender not associated with your school or financial aid office are you still eligible for a federal student loan through your school?
Yes you are.
What are the general terms of a loan taken out for school?
The student is able to receive a loan, likely through the school's financial aid department, and loan amount is based on the previous year's taxes analyzed by the student's FAFSA submission. After the completion or exit from the school, the student will be expected to begin payments on the loan. The monthly payments are based on the amount of debt acquired by the loans during the school year.
Do you have to be a full time student in order to defer your student loans?
You can defer your student loan payments while in school. Typically student loan payments are not deferred due to employment status.
If you transfer schools what happens to the other part of your student loan?
From my understanding, if you transfer schools you have to let your lender know what you are planning on doing. If you do not register for classes at the school where the loan is placed, the loan money will not be sent. But you have to make sure you tell the lender about this.
Can you get a federal student loan if out of school?
yes, if you are applying to a school and have every intention of going.
