It all depends on the kind of loans you have. Government loans and private bank loans have different rules. Usually, though, they can both help you in this type of situation. Most organizations will give you a deferrment until 6 months after your graduation date. Some may do it and not penalize you, while some may charge you a higher interest rate during your time off. The best thing to do is to just call their customer service number, make sure you are speaking to someone who knows what they’re talking about, and just tell them your situation. Don’t take no for an answer, at least not the first couple of times you hear it.

One thing you might also want to do is see if your new school has some sort of grant program for out of state students. Talk to a financial aid counselor there and make it clear that if you could pay in-state tuition, you would start right away. They may be able to find a grant or scholarship to cover the out-of-state surcharges. Again, be persistent, but not too pushy.

You will have a 6 month grace period before you have to start repaying your loans, if stafford loans, and if you reenter during that time you are fine. As you plan to take a year off you will enter repayment but you can ask for a forbearance from your lender for economic hardship so you don’t have to pay but interest will accrue. The best idea is if you can afford it to may on the student loans and then go back into deferment when you start at the new school.

yes, contact the company that has supplied your student loans and ask for a your loans to be deferred. They will understand and have done it for many other students that have gone through the same.