Do I have to pay back my student loans if I don’t graduate college? What happens to student loans if you drop out? What happens to student loans if I withdraw? Unfortunately, these are all fairly common questions when it comes to student loans and college.
Do I have to pay back my student loans if I don’t graduate college?
In most circumstances you will likely have to pay back all the student loans you have borrowed, regardless if you graduate college or not. Student loans are not issued with any terms regarding graduation. If you borrowed and spent the student loan money, you will be responsible for paying it back, college degree or not.
What happens to student loans if I withdraw or drop out?
You will need to find out your school’s specific refund policy. However, if you enrolled but dropped out or withdrew before the classes started, you should get most of your money back. If you begin attending classes but leave before completing your course work, you may be eligible for a partial refund.
You will also want to ask about your school’s return-of-aid policy. If you receive federal student aid from any program, including federal student loans but excluding Federal Work-Study, money may have to be given back to the program by you, your school or both. For federal student loans, you will have to repay the student loan funds you received, minus any student loan funds your school has returned to your lender.
These are general guidelines for what happens to your student loans if you withdraw, drop out or do not graduate. You will need to check with your schools financial aid office for your specific circumstances.
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