Old Student Loans. Planning to go to Law School?
Hello. I graduated from college 2 years ago, and I’m currently paying my student loans. I’m planning to go to Law School full time next year, but I will need NEW Student Loans.
Will I have to continue paying for my OLD student loan as I’m doing now….or is there any way that I can freeze those payments until I finish Law School? Thanks.
Top 5 Answers
Favorite Answer
Yes. You can have you student loans deferred since you will be attending school.
Steps to take:
1)Contact your lender. They will tell you the exact information you need to send in and even pre-fill out the deferment request form for you
2)Send in the information as required
If possible, you want to continue to pay your accrued interest on you unsubsidized loans will in law school. If you dont, that interest will be capitalized (added to your principle). You can get in debt FAST with student loans.
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5 years ago
A good business school would want more work experience than you have (assuming you’ve been working about 1 1/2 years). Four years full time is a lot of debt! I also wouldn’t do a PT law school program–they just aren’t very well regarded unless you get really excellent internships. You will not get financial aid as you own a home, and the loan interest clock starts when you take the loan. It’s good you are considering this. Consider: what type of law do you want, how does the alumni association at the schools you are considering help with placement and internships, what is the true cost of attending FT if that is what you decide. Good luck to you. I’m sure you could get a scholarship at a lower rank school, but a good state school might also be a good consideration.
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Yes you can enroll for a deferment, but it all depends on how much deferment you have already used. Once you took advantage of your grace period, you have a three year period of deferment, and a three year period of forbearance. while in deferment the government will pay the interest on your subsidized portion of your loans, in forbearance interest will accrue on both amounts. If you have used some of that time, one way to get more time is to consolidate; you would get an additional three years of each.
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When you are enrolled at least half time you will be placed in deferment. Contact the holder of your current or old loans. They should be able to pick up your enrollment information on the Clearing House or NSLDS.
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Your law school will need to send proof of enrollment to your lender, and your loans can be deferred. The interest will continue to accumulate, though.
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