Anyone know ANYTHING about student loans?

[kvnband]

Well, here is my situation:

I had a full ride to college my first semester.

Second semester - Lost scholarship and received Stafford Loan and private loan (with cosigner)

This semester - I have again received my Stafford Loan. HOWEVER, I am not asking my grandma to cosign for another, due to the problems my grandpa is having. My mom is not in a credit-worthy position, nor is anyone else in my family. I can't apply alone, due to the fact that I'm just now establishing credit (hopefully by next semester, I will look a bit better for the loan companies)

Now, my question is this: I am already paying on my private loan from last semester, but my stafford loan is deferred until I am no longer at least a half-time student.

My plans are: Pay off private loan before December (to keep that interest from creeping up on me) and also save up for next semester, so that I only have to receive the stafford next semester (or no loan at all). HOWEVER, if I'm paying off the private loan AND the stafford loan the rest of this year (IE, if they throw it on me because I'm no longer technically a student) I won't be able to do that and it's going to put me in an awkward financial position.

(this is turning out longer than expected)

So I guess my question is: Is Sallie Mae going to make me start paying that stafford loan off immediately, or will they give me like a 6 month grace period to re-enroll (I'm going to call them Monday, but I'd like to have an idea before then)

Any help, as always, is mucho appreciated.
Kevin

[svolk]

I had tons of student loans when I went through college, both federal and private. You should not have to start paying any loans back until you are out of school, and you also have a 6 month grace period before you have to start paying. So you can wait a bit if you can't start paying them back immediately.

After my 6 month grace period when I was out of school, I still couldn't afford to pay my loans back. You can defer your loans if you are still having financial troubles, but of course the interest will still add up.

[felisdomesticus]

I believe you only get the grace period once. If you use your 6 month grace period and then re-enroll... you have to start making payments immediately.

[Mlewis]

I'm under the impression if you aren't a full time student, or if you skip a semester, you have to start paying, but I don't know anything for certain. I'd call those people as soon as possible.

[kvnband]

I've been calling all day and nobody has answered (stupid Saturdays)

I did come up with an idea though: If I drop to part time status instead of full time, my tuition and fees will be considerably lower and my already approved stafford loan will cover it. Perhaps, since I'm still part time, I won't have to start paying back the loan. I'm trying to find repayment info on the net but I'm unsuccessful so far.....

[kvnband]

OK just got off the phone with sallie mae and they told me that as long as I'm enrolled 6 hours, I don't have to pay back the loan and it is still in deferrment. HOWEVER, they also mentioned that dropping to part time may decrease my stafford loan amount and that i need to call financial aid to find out (and OF COURSE they're closed on saturdays)

Things are looking up, though...so that's good....

[Graehstone]

I wish I could help you there but ... maybe I can write you a note?