I have a school loan, well I took a semester off.

Withdrawing from a class affect Stafford loan NEXT semester?

• I work full time and have a young child. Last semester I took 3 classes. [9] credits. I received a pell grant and a Stafford loan [$900]. This semester I decided to only take 2 classes. Anatomy and Psychology. I am suppose to received a pell grant AND a [$900] Stafford loan. I am having a hard time with Anatomy. I want to drop that class this semester. I didn't receive any type of refund yet. My school doesn't give out refunds until end of the February. I have until Feb 5th to drop any class and receive a full refund. I know once I drop this class I won't get the loan. That's fine, but will I owe anything? Because I already received a loan last semester and you must go at least HALF TIME in order to keep getting the Stanford loans interest free. I want to add another class with my psychology [easier then Anatomy] but I believe it's too late. So my only option is to drop Anatomy. Will I still be able to get a Stafford loan next semester once I go half time again? Please nothing rude. I am very stressed and don't want to drop anything. But this semester with these two classes,my son and work are just too much. Please only answer if you know. Thanks!

• Answer:

  Your enrollment this semester doesn't affect your loan eligibility for next semester. As long as you're at least half time in that particular semester you will get your loan. Your problem will be that since you dropped below half time your 6 month grace period will begin. If you don't enroll again at least half time within 6 months you will have to begin making payments on your loans and interest will begin to build. So, you might consider taking a summer class to avoid this. Typically, 6 hours is considered full time during the summer so 3 would be half time. You could also look into late start classes that your school may offer. Some schools offer 8 week courses or very intense 2-3 week intercession courses which might bring you back up to full-time if your school has these options.