Super Stressed Out..Help!

anonymousstudent · Dec 12, 2010

Government loans are deferred as long as you are in school at least 1/2 time, which I'm guessing your program will be? Depending on the loan, the interest will be deferred as well (payed by the Government) or it may accumulate, but you won't have to pay it until you are finished or drop below the required number of hours per term. It's pretty easy to get them deferred, just get the paperwork from the loan holder, submit it to the department at the college, and they will usually even mail it for you.

As far as the Wells Fargo loan, give them a call. My husband had a private loan that was deferred while he finished grad school, though interest was accumulating.

Yummy Chocolate · Dec 13, 2010

Talk to your financial aid office at your school. In Canada a student doesn’t have to pay back loans if he/she is still in school. Also you can apply for relief forum (not sure if this is the forum name) ask your financial aid. This forum basically says that you are unable to pay your payments at the moment so the y gives you like six more months.

ImThatGuy, BSN, RN · Dec 13, 2010

Work as much as you can if not full-time. I work about thirty hours per week and would love more hours, but they'd be at oddball times. (I really miss my benefits and state retiremetn plan.) I don't think the salary you'll earn as a nurse is going to be enough to help in lost salary and time from being in school. You also should seriously consider paying the interest on your loans as you go so when you graduate you have only principal to pay.

Butterfly0328 · Dec 13, 2010

OP: As long as you are in school at least half time ( 6 credit hours ) your loans will remain in deferment. Once you stop attending school you will be given 6 months grace period before being exptected to begin repayment. Paying the interest while the loans are in deferment is an option, but not a must. As far as the private loan goes, I am not sure what Wells Fargos rules are. I work for Citibank in the Student Loan department and someone with one of our private loans is able to have the loan deferred as long as they are attending Less than Half time or more ( 3 credit hours or more ).

You are most likely getting the notices because the only information your lender ( Wells Fargo)has received is your grad date information regarding your B.S. Degree in Public Health. Once you re-enroll in the nursing progam and that information is sent to them they will readjust your anticipted grad date .

My advice to you is this: as soon as you have registered for nursing classes have the registrar at your college send Wells Fargo a letter (or have then write it up and give it

to you and you can send/fax it to Wells Fargo)with your complete dates of enrollment, which is the begin date and your grad date. Also include the status , which is most likely full time. Make sure they sign it and then have it sent to Wells Fargo. Once this information is received they will update your account and you should be good to go.

The only problem you MAY have is with the private loan. Many times with private loans there is a maximum time the loan can remain in deferment, regardless of whether you are in school or not. For example, here at Citibank a private Citiassist loan is allowed is allowed anywhere from 4-7 years deferment time depending on the type of loan. With a government it stays in deferment however long you are in school half time or more. I have seen loans in deferemnt for up to 20 years.

Anyway, if you have any other questions you are more than welcomed to PM me. But please do not stress, because bottom line is that as long as you are attending school you will not be exptected to begin payments. Just let them know that while you will be graduating, you are also going to be re-enrolling for classes for a different degree program. Then make sure they get the enrollment information as soon as you register.

Good Luck.:)

Butterfly0328 · Dec 13, 2010

also what Yummy is talking about is called either a foreberance, unemployment deferment, or economic hardship deferment. Lets say you graduate nursing school and are unable to find a job, not a far stretch of the imagination since a lot of new graduate nurses are have a very hard time finding a job, and after 6 months your grace period has expired and you are now getting notices from Wells Fargo stating you must begin payments. You are entitled to one of the above deferments if your income is below a certain amount. Typically it would be the unemployment deferment. Lets say you did find a job but you are only working very few hours and your income is not enough to pay for basic necessities and your loan payment. In this case you would also be eligable for a hardship deferement. There are maximums to these types of deferments but the amounts of time is very generous ( like 4 years or more). The government along with your lender is usually very helpful in this respect. They will help you in any way they can. So again, don't stress. Just concentrate on your studies. Good Luck...