undergrad student loans - but going to graduate school?

kalizoomba

My fiance has lots of student loans for undergrad school. I didn't meet him until he had already been in school for 3 years and had already got the loans (instead of applying for FREE financial aid) anyway, that's beside the point. he's going to be graduating with his Bachelor's in May, but then going to grad school in August. We'll be getting married in October.

When do we have to start paying of his student loans? Since he'll still technically be a student, do we have to pay them off immideately, or can we wait until he gets his PhD?? 

I don't want to get married then suddenly realize that I have to pay $20,000 + in loans, While both of us are in grad school and trying to live away from home without the assistance of our parents......

MrsMLRB

He needs to contact the provider of the loan. If it was a private bank (which is what your post makes it sound like) he may have to start paying them back within 6 months regardless of his students status.

I have around $7,000 in undergrad student loans from the government. I had to start paying them back 6 months after I graduated because I started working. When I entered graduate school on a below half time basis, I had to continue paying them back. When I took a full time students amount of classes, my loans were deferred for the duration of that time, then restarted when I went back to below half time status. But these were all loans through the government. I do not know how private school loans work.

LauraT25

Most loans can be deferred while you're more than a half time student.   Private loans sometimes have extra issues, but can often still be deferred.  For instance, I have a private loan that could only deferred up to three years, so I'm paying it now.  As PP mentioned, contact your loan provider. 

And have your FI fill out the paperwork for deferment ASAP, and see how soon his grad school will count him as 'enrolled'.  You usually have a 6-month grace period following graduation before you have to start paying off loans, so he will probably not need to make any payments this summer, but its definitely something to check.

I would highly recommend that your FI/DH still make payments even while his loans are deferred, preferably more than just the interest, because it's often tough to find a job right out of graduate school and the bills can be LARGE.

kalizoomba

we were both planning on going to school while having jobs  - and yes, we were going to make payments before we actually *have* to. I think he took his loans out through Chase, but I think the government has since bought them. I'm not entirely sure. I really wish I would have met him a few years earlier and told him about the FAFSA and financial aid.... he claims he never knew about it and thats why he took out the loans... I haven't had to pay a penny for my schooling yet (except for text books) due to the amount of financial aid I've gotten - and I'll get my bachelor's degree in May.  I'm very thankful for that, but very much dreading grad school.

I'll try to contact the loan provider and see what happens. 

Beads921

Ya, definitely check with the lender, because I'm sure it varies depending on the terms of the loan and who it is from.

And before you give him too much greif about not using 'free money', a lot of people have no idea that exists; it's not just him. And then a lot of people don't qualify anyway.

deburnin

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_students_undergrad-student-loans-but-going-graduate-school?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:684Discussion:33052653-ed11-40e6-abd8-ec7006b714adPost:65069c48-0953-4b90-afa0-41db75e11c79">Re: undergrad student loans - but going to graduate school?</a>:
[QUOTE] I would highly recommend that your FI/DH still make payments even while his loans are deferred, preferably more than just the interest, because it's often tough to find a job right out of graduate school and the bills can be LARGE.
Posted by LauraT25[/QUOTE]

<div>This. And what PP's have said, but especially this. I haven't made that big of a dent since I only work part time, but I've paid off a few thousand and that's less I'll have to pay back overall.</div>

HerbiePens410

Aside from looking into loan deferral and making earl payments (which I DEFINITELY recommend) I would also look into an assistantship with the school. Some departments hire graduate student workers for part time hours, and will usually offset the cost of tuition.  Something to look into

KrystalsKitsch

Student loans... I feel like they are becoming a necessary evil for our generation! I will admit I have my fair share of loans (even with financial aid I had to take some out to cover expenses! Ugh!), and my loans are currently defered since I'm in graduate school. From what I've heard from my fiance and other friends, if they are government loans they will work with you and get you on track easily. Look into consolidation and start figuring out a plan for them. I have already accepted the fact that I'll have to pay about $300 a month toward my loans once I graduate.

LauraT25

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_students_undergrad-student-loans-but-going-graduate-school?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:684Discussion:33052653-ed11-40e6-abd8-ec7006b714adPost:2bed4836-5302-4a3c-b429-9736abadbd77">Re: undergrad student loans - but going to graduate school?</a>:
[QUOTE]Student loans... I feel like they are becoming a necessary evil for our generation! I will admit I have my fair share of loans (even with financial aid I had to take some out to cover expenses! Ugh!), and my loans are currently defered since I'm in graduate school. From what I've heard from my fiance and other friends, if they are government loans they will work with you and get you on track easily. Look into consolidation and start figuring out a plan for them.<strong> I have already accepted the fact that I'll have to pay about $300 a month toward my loans once I graduate.</strong>
Posted by KrystalsKitsch[/QUOTE]

My payments were almost $500 when I had to make them, and I had a little less than $30k in loans, which were consolidated.  I just wanted to point out that the bill might be shockingly high, so it's something to look into.

LuluP82

In my experience (FI and I have a LOT of loans since we both went to law school, where they don't give any aid and very few scholarships), loan providers will always work with you. For example, we both were unemployed for awhile last year, and we got deferrals during that time. Just have him call his loan provider and check, but I haven't EVER heard for any reputable private loan provider requiring payments while you're in school.

thurisgood

I agree with LuluP82.  You certainly need to make sure to communicate with your loan provider, but they will work with you. I don't think student loans should govern how you live your life however.

kalizoomba

well, I was a bit concerned about that because his original graduation date was several semesters ago. That's what he told the loan provider when he first got this particular loan. He had to call them and post-pone graduation by a semester because the school kept telling him he was okay to graduate and he had enough credits, but each semester they would find a class that he still needed. So he's post-poned his graduation date so many times that last time he did it, the loan provider said that it was the last time they'd change it.

So, I dont know if he does graduate, if they'll be willing to deffer payments for whatever reason - like he's still in school, or i'm unemployeed....etc.