Is It Too Late to Postpone College for a Semester?
Attending college is a financial decision that can affect alumni and their families for years after graduation, if not decades.
And if that wasn’t enough, the ongoing coronavirus pandemic may make you wonder about postponing higher education, whether you’re a student or have one in your family.
“Colleges and universities use the best information available to make decisions about falling. However, many of those decisions have yet to be made, ”said Laura Brennan, director of Texas OnCourse , a college and career planning resource for Texas students.
“It’s safe to say that the frequency of student enrollment in online college courses will increase,” she said. She noted that the University of Texas at Austin is transferring 3,500 of its 11,000 courses online by the fall.
“Each school is trying to figure out what works for her students, and families should think about that for yourself from a financial point of view “ , – said Christine Roberts, the head of the student loan department at Citizens Bank . She said that while online learning may work well for some students, it may not be for everyone. “You want to make sure the costs are in line with the experience you want,” she said.
Can I postpone some more?
Kevin Walker explained that if your school is moving forward with face-to-face studies and you don’t want to go back to campus just yet – or have some other reason why you want to postpone your studies – it’s not too late to postpone. , CEO of CollegeFinance.com . But since each school may have its own rules, Walker advised you to contact the admissions office (if you are a new student) or the receptionist (for returning students) to inquire about your options.
“The key to reaffirmation is that the scholarship commitment will be in effect after a semester break or a year break,” he said. “Some grants require constant admission. Be sure to confirm the rules for continuing to provide financial assistance in writing. “
May I ask for additional financial assistance?
If your family’s financial situation has changed due to the pandemic, it’s time to speak with your school’s financial aid office right now.
“The FAFSA is based on prior year revenue , which is pre-pandemic ,” said Mark Kantrowitz, publisher and vice president of research at SavingforCollege.com . Your school will not be aware of your family’s job loss or wage cut unless you provide these details.
While you probably won’t get a tuition discount if your school moves online, you have the right to appeal for additional assistance.
Can I take a one-year break?
An interim year can be a good alternative for students who did not enjoy attending Zoom University during their shortened spring semester. But the decision is not easy, Roberts warned. “Come back and talk to your school,” she said. “Some schools have made amendments to the practice of taking a break per year. Some will say that you need to reapply [after a year off]. Some will say that the gap should be two years instead of one. ”
I can translate. Can I convey?
It might make financial sense to spend a semester or two closer to home attending a suburban school or using the cheaper online option. But make sure that any credits you receive during your main school vacation will be transferred when you return. “You don’t want to pay a local college semester just to find out that these loans are not transferable,” Roberts said. “Ask all of these questions ahead of time before making a decision and letting your school know.”
What happens to my loans?
As long as you enroll somewhere, at least part-time, your student loans will be deferred.
If you would like to take a semester of leave to see how things go in the fall, be sure to talk to your school about how your leave will be reported to the student loan officer. Canceling a semester or enrolling below part-time status will trigger the six-month grace period for student loans.
If you return after a semester, you will not reach the six-month mark. “If you return to college before the grace period expires, the grace period will be reset. That is why loans are not repaid during the summer holidays, ”explained Kantrowitz.
But if you decide to leave in the spring, you may have to start repaying loans. Roberts said that most private lenders will allow this grace period to be extended, but you won’t get an interruption in your federal loans unless you are lenient with them. If you use up the grace period, you will lose it, even if your loans are deferred again when you re-register.
I’m not even in college yet. What do I need to know?
Just as you would talk to your family and trusted advisors about college opportunities during “normal” times, you will still be doing it during an ongoing pandemic. Being a little wary is natural, but don’t be afraid to get an intuition about your options from someone outside of your family if you’re just not sure which option is best for you.
“College and professional professionals are at the top of their game and have created resources to track things like virtual college tours and offsets to study deadlines,” Brennan said.
She said options such as public schools, community colleges and nonprofit colleges are likely to be more popular, but that means students and families need to exercise due diligence when exploring options – and seek advice from counselors and other professionals.
It is important for students who are considering postponing school attendance until the pandemic is “finished” that it is important to have a return-to-school plan. “We know from research that when students hit pause in their progress, it increases the likelihood that they will never restart,” Brennan warned.
“A lot of the questions haven’t changed,” Roberts said. “Where to go to school, how much to pay for school, the ROI on what you want to study.” Now, during and after the pandemic, only layers have been added.