please help with the finanical aid satus

[yung1108]

hi everyone:

I am the current 1 st semester student @ nycpm (podiatric school). I aslo got accepted at Ross in this coming may. The 1st semester @ my current school will be ended at the mid of May. I had borrowed the stafford loan. The lender is Great Lakes. I know that as long as I am the student enrolled in school as a full or half-time, I won't have to payback the loan immediately. But my sitaution is that My parents want me to withdraw from my current school in next month and go back to my country dealing with some family issues. Then I will have a 2 months gap not being a student before going to Ross. Can someone help me with this issue ? I really have no idea and am helpless. I tried to call Ross and ask help from Danielle. She said she can help with that. I really appreicate taht someone can help me solving this problem.

best regards

[Linus]

If you have never filed for economic hardship before, you can do that for up to 6 months or a year, not exactly sure, but it is plenty of coverage if you start school in 2 months. Just talk to you lendor and they will forward you the appropriate paper work. It is a very simple process, just take care of it soon so your credit does not get damaged and you are unable to get private loans for Ross.

[yung1108]

thanks

[ForceMD]

Hey yung, I'm not sure exactly how withdrawals work now in terms of federal loans now. In the past, you didn't have to pay the lender back but I think actually, the loan goes back to the lender now. Whatever extra refund you got, needs to go back too. You might get pro-rated on the amount of money to return to the lender for this semester since you did go to school for some of the semester.

If your school's going to refund some of the money due to the withdrawal, that has to go back to the lender. However, if your school says it's to late for refund of your money. I think it might be ok.

In terms of paying loans back. Your loan is automatically deferred for 6 months after you're done with school. This is referred to as your grace period. Which means, you're not expected to start making any payments until six months from the last date you were enrolled at least part time. Then, if you start schooling again for at least part time, that automatic deferrment kicks in again. Once again, your best bet is to call your lender and explain your situation. The only thing is. If you have used up your annual Stafford budget of $18,500 (unsub and subsidized combined). Then you may need to get alternative loans for your entire expense since that is the maximum you can take out for each year which goes from June to May.

I hope that helps.

[oc23]

hi.

first of all, like forcemd said, you have a 6-month grace period before having to repay your student loans, starting from the date you withdraw from school. so don't worry about paying your loan, since you'll be back in school in 2 months anyway. HOWEVER, unlike what was said, your deferment is NOT AUTOMATIC when you go back to school. as soon as you register at ross, fill out an "in-school deferment form" and give it to the ross financial aid or registrar's office. they will certify your enrollment and send that form to the lender.

also, if you still have any portion of that money left over which you will not need, you can use it as a payment to the lender. they do not penalize you for early repayment of stafford loans. this way, you will have a smaller principal, which means smaller interest accumulating, which then means a smaller amount to repay later.

since you're only in 1st semester, i'm assuming your school did not give you the entire annual loan money. this means you can still get stafford loans for ross in may, because may is a different semester than the one you withdrew from.

one last thing: make sure to call your lender and let them know you're withdrawing from your current school and will be attending a different school next semester. that way you can avoid the possibility of them disbursing next semester's money to your podiatry school and denying your may semester financial aid application from ross.

good luck!