Undergrad loans in grad school

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Undergrad loans in grad school

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Posted 05-30-2011, 07:01 AM

Flat

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Undergrad loans in grad school

Hello all, Next year will be my last year of undergrad, and throughout undergrad I will have racked up around $40k in student loans. ~28k is in government subsidized/unsubsidized loans and the remaining is a PLUS loan that my parents took out for me. All loans are in deferment right now, and my parents are paying the interest on the plus loan. After next year I plan on going to grad school, which will last ~7 years.

Can I keep my undergrad government loans deferred while in grad school? If so, can I take out subsidized loans in grad school to pay off my unsubsidized undergrad loans, without taking my undergrad subsidized loan out of deferment?

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05-30-2011, 07:01 AM
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05-30-2011, 09:05 AM

DealMeN

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Quote from Flat

Based on what I've seen with sallie mae for myself, you can keep the sub and unsub loans in deferment, so long as you are taking enough classes. I'm not sure if there is a time limit. Of course, the unsub loans will continue to accrue interest.

Just out of curiosity, what kind of grad school will take seven years?

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05-30-2011, 10:36 AM

Flat

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Quote from DealMeN

Thanks for the input. I'll be going into a PhD program.

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05-30-2011, 01:41 PM

thesauce L1: Learner Member sinceMay 2011 Posts24 Reputation 10 Followers 0 + Give Rep	You could consider income-based repayment, but I would probably just setup a 10 year repayment plan and get cracking on paying them back. It's not like you have exorbitant amounts - the payments should be quite manageable.
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05-31-2011, 04:58 AM

Jeffbx L9: Master Member sinceAug 2007 Posts4,333 LocationMichigan Reputation 1,597 Followers 1 + Give Rep	OK, PhD in what? What exactly are you going into & what do you expect the total cost of your schooling to be? You need to be sure to do a cost benefit analysis of what you expect to make vs. what your total debt will be, or you may never catch up.
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05-31-2011, 05:27 AM

Dr. J

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AFAIK all the gov't loans will defer while you are in school. FWIW when I was in my PhD program, my private loans came up to bite me in the ass - they deferred, but only for 4 years from when my ugrad univ declared me as graduated, which meant, to them, 120 credits, which I had gotten by the beginning of my senior year. SO that meant I had to start repayment while still a student.

My stafford loans though (mix of sub/unsub, consolidated) are still in deferment because I am doing a PT MBA.

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05-31-2011, 05:31 AM

Count_Chocula My # is bigger than yours Member sinceDec 2005 Posts30,766 LocationAnywhere but here Reputation 5,564 + Give Rep	Stay in school, Obama will have it all straightened out by the time you graduate
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05-31-2011, 05:37 AM

Flat

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Quote from thesauce

You could consider income-based repayment, but I would probably just setup a 10 year repayment plan and get cracking on paying them back. It's not like you have exorbitant amounts - the payments should be quite manageable.

Thanks for the idea. The only potential problem is that my current car is not very reliable and will probably have to get another one sometime in grad school. Something that I will definitely look into.

Quote from Jeffbx

OK, PhD in what? What exactly are you going into & what do you expect the total cost of your schooling to be?

You need to be sure to do a cost benefit analysis of what you expect to make vs. what your total debt will be, or you may never catch up.

PhD in physics. during the ~7 years my grad school will be payed for and I will have a meager stipend ( <20k/year...can't find an exact number at the moment).

Last edited by Flat; 05-31-2011 at 05:40 AM..

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05-31-2011, 10:00 AM

Jeffbx

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Oh, then you're in the clear.

As long as you're not racking up $150k in loans for an Art History degree ;-)

If your grad school is covered, I believe you can defer your undergrad PAYMENTS until you graduate. You'll still rack up interest, but you can put off paying until you are no longer a student.

However, I'd strongly encourage you to at least keep up with the interest payments while you're in school. You CAN earn the money for it if you're willing to work for it.

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05-31-2011, 11:20 AM

mmathis

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Quote from Jeffbx

However, I'd strongly encourage you to at least keep up with the interest payments while you're in school. You CAN earn the money for it if you're willing to work for it.

Taking a second job while in grad school for physics can be tough - a lot of advisors expect their students to work crazy hours (and a lot of students do work crazy hours), not leaving a whole lot of time for a second job. Some may require approval beforehand too, since the OP'll likely be paid with grant money (they want to get the most bang for their buck)

That said, physics grad students have some of the highest stipends. Depending on the rental / housing prices, getting a roommate, car, etc, $20k can go a long way, so there can be enough left over from the stipend to at least keep up with interest.

Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?

www.pardus.at - only for those with little or no life

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06-01-2011, 08:15 PM

thesauce

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Quote from Flat

Then buy a 6-7 year old Toyota for <$5k to get you through. Fund it with a 2.49% loan from Penfed and you should be good to go.

As far as the student loans: might as well do IBR which will take care of the subsidized loan interest. If you find that you have extra cash you can put it toward the unsubsidized loans.

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06-04-2011, 09:20 AM

Kate1240

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Quote from Jeffbx

I agree! OP- Please take this advice.

I think it is tasteless to rejoice in the death of others, even Bin Laden! For us, 10 years, $1.3+ trillion, the patriot act, countless deaths of American soldiers and civilians.. Can one truly be happy at the chain of violence that has been perpetuated? IF it was necessary that Bin Laden die, then perhaps it would be better to accept the necessity with grim resolve rather than joyous celebration...

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Undergrad loans in grad school