What do you think would happen to my financial aid if I decide not to go to school Spring ‘08 semester?
I had a tough semester in school this Fall ‘07, due to my disability. I already have my BA degree in Spanish, & I couldn’t find a job, so that’s why I’m going back to school. It’s not working out. My undergrad GPA was a 2.3. I’m in a special program, where I can take extra undergrad courses to try to improve my GPA so I can try to get into Grad school. Now, all I can take out is Stafford Loans, since I’m a Post-Bac student. I’m going to have to take sick because it’s overwhelming, & my GPA isn’t improving. I’m wasting a lot of money & time & I’m not accomplishing anything. Since I was out of school a year, & my 6-month grace period for loans is up, what would happen if I don’t go to school next semester? Sallie Mae told me I have to pay back my loans IMMEDIATELY. My problem is that I’m on SSI S& Social Security & get about $650/month, & my rent is 1/2 my income. I will no longer have the in-school deferment, but I’ll only have the economic hardship one, but it’s limited for 3 yrs.
The first thing that jumps out at me here is the fact you are on disability. Were you put on disability before or after you took out the loans? Because if you became disabled AFTER you took out the loans you can request to have them discharged.
If you took them out after, then yes, you will still be required to pay them back eventually.
If you don’t go to school then yes you aren’t eligible for the in-school deferment and will have to start making payments. Be sure you don’t go into default because then you won’t be able to take out other student loans for grad school.
