Dropping out

General Discussion for SMART Scholarship Recipients

Dropping out

Postby Arbiter » Fri Nov 09, 2018 2:28 pm

To anyone who has dropped out while still in school, but has been the repayment plan?
How much per month?
Was there any grace period?
Arbiter
 

Re: Dropping out

Postby Arbiter » Fri Nov 09, 2018 2:46 pm

What has been the repayment plan *
Arbiter
 

Re: Dropping out

Postby Sisyphus » Sat Nov 10, 2018 6:33 pm

Different people have had different results, and many who were lined up to pay are now in limbo pending the SMART debt review so it might all be subject to change, but some common parameters to those who left/were dismissed a while ago from the program for whatever reason are:

No grace periods.

1-3 year repayment timelines for everything (independent of time funded/paid), with anything beyond subject to interest. The number floating around has been 1% but unsure as to what that's calculated against (payment schedule, principle after the deadline, etc.).

You can claim hardship to reduce the monthly payment (i.e. everyone) but iffy as to how that affects interest and totals down the line.


TL;DR just 'dropping out' is not something you should do barring a corporate sugar daddy willing to pay your way free.
Sisyphus
 
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