What Happens To My Student Loans If I Return To School

Q: I am returning back to college after not attending for quite sometime. I have been paying back my student loans from when I did attend, but I am wondering if I will have to continue to pay these previous student loans while I attend college now?

A: The answer to this question can be different, depending on the type of student loans the individual has. For federal student loans, if the student leaves school or graduates, and then decides to return to school at least part-time, they will have the ability to post-pone their student loan repayment while attending school. In addition, the student will also be entitled to a full grace period again when they leave school or drop below part-time student status.

For private student loans, what happens to the borrowers student loan payments if they return to school will depend on their lenders terms and/or policies. For some private student loans if the borrower returns to school after their student loan grace period has ended, and they enter the repayment status of their student loans, they must request a deferment if they wish to post-pone the repayment of their loans. Most private student loan lenders will offer some kind of deferment option for their loans, however the length and qualifications may vary from one lender to the next. Lastly, simply because a student chooses to return school does not mean they have to stop paying back their previous student loans if they are in a financial position to continue with the payments.

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