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Interest-free while at school

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frustrated-guy View Drop Down
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Joined: 10/May/2004
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    Posted: 01/December/2006 at 7:37am

Hi Mark,

You have great suggestions.  Here is one more.

REMOVE THE TIME LIMIT ON IN SCHOOL INTEREST FREE STATUS

Most student loan programs have a six year in school interest free limit (used to be ten years). What this means is six years after you get your first loan your loans go into repayment even if you are a full-time student.  This policy particularly impacts graduate students (esp PhD) and other students (eg medical students) that are in school a long time. 

It is one thing to deny students further loans while at school but to require repayment of previous loans while at school is cruel.

It would be great if the gov would allow students to finish their programs in interest free status until being forced to begin repayment.

What the gov could atleast do as a compromise is this.  If the student exhausts their six years of in school interest free status while in school the student could complete the academic program they are currently enrolled in interest free non repayment status (but would not be offered interest-free status if the student began a new program after exhausting the interest free limit).   This would allow the student to actually complete their credential and have a hope of repaying their loan.

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