Question by Rob: What happens to my financial aid loans if I transfer out with deferment loans?
Hi, I am having troubles setting my future on course. I have been attending a 4 year university on minimum credit hours to be a full time student, currently sophomore second term. I have had TruFit student loans along with whatever FASFA gives me. I applied for the loans to be ‘deferred’ until graduation.
Now, I am pretty sure I am going to fail all my classes this semester but I am seeking to transfer to the online University of Phoenix to just an associates (or maybe do a bachelors) on the Technology Field (I am currently attending my current university as a Computer Science major). The thing is, I don’t know if I have to start paying my current loans to transfer out or to call the TruFit student loan services about it, I am completely at a loss.
I guess what I am asking is “What happens to my financial aid loans if I transfer out with deferment loans?” (and soon to be on probation from a failing term).
Best answer:
Answer by rob oside
Once you take any break from a school at anytime – they will give you 6 months till you have to start paying your loans back. One you pull any federal loans out, you are responsible in paying it back no matter what.
Why would you want to go to University of Phoenix. That school is horrible and you will probably pay more then you pay now at your current school. Dont take the easy way out at University of Phoenix. All FOR PROFIT schools are horrible. It wouldnt be a wise move.
Go to a junior college and go to school part time if you cant handle the work load at the big school. Slowly, work your way up again. As long as you are in school you do not have to pay back your loans right away. Your loan will always stay with you until you pay it off. Even if you file for bankruptcy your loans will still be there.
Your current school will probably put you in academic probation and may let you attend a few classes until you make up your GPA and or Failed classes. Your student dean can help you, if you decide to talk to him or her.
No matter what – do not attend any FOR PROFIT schools – you will be screwed for life.
Good Luck
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