Deferring Loans

[throwaway12]

I had to take out some loans as an undergrad. I graduated in May, and I've begun making my monthly payments, but I was recently accepted to grad school and will begin in September. How soon can I go about deferring my undergrad loans? Can I do it as soon as possible, since I will officially be re-entering school in the Fall? Or do I have to wait until September (when I am physically attending school) to defer them?

It would be very helpful to not have to make payments over the next few months on my undergrad loans, so I can save up a bit more for grad school, but I haven't been able to get a clear answer of exactly how soon I can defer my loans.

Any help would be appreciated!

[aginath]

Your answer will depend upon to whom you make the payments and the school you'll be attending. My consolidation loan from B.S./M.S. is through AES. They participate in the clearinghouse program and receive an electronic notification every month of currently enrolled students from participating universities. UGA participates in the program. Therefore, there was no form or letter I could request in advance. I had to wait until I was registered for classes (and therefore enrolled at UGA), which didn't happen until early August, for my name to appear on the list. That meant I had to make my monthly payments up through August (even though classes started Aug 17). Effective that September, however, my loan went into deferment automatically.

So, check with your loan provider to find out their requirements for deferment (do they participate in the clearinghouse or have other forms of accepted notification) and then check with your school to find out how they prefer to provide enrollment status. At the very least, most do not consider you an enrolled student until you have registered for classes for a specific term.

[isitFriday?]

I'm in the same situation as the OP, although I'm not sure what type of loan he/she is paying for. I am paying for susbsidized Stafford loans through Nelnet. The website states that deferment is primarily available if you are currently attending a school, or will be attending one within the next 90 days, in at least a part-time status. So I'll probably wait until the last week of May or early June before applying for deferment.