If I decide not to complete my undergraduate degree because I get a great job offer prior to graduation:Group of answer choicesI am still responsible for paying back my student loans.I can defer repayment of my student loans until after I return to school and complete my graduation requirements.I must repay all of the money earned from my work-study job.I am not responsible for repaying education loans because my education was not completed.
Question
If I decide not to complete my undergraduate degree because I get a great job offer prior to graduation:Group of answer choicesI am still responsible for paying back my student loans.I can defer repayment of my student loans until after I return to school and complete my graduation requirements.I must repay all of the money earned from my work-study job.I am not responsible for repaying education loans because my education was not completed.
Solution
The correct answer is: "I am still responsible for paying back my student loans."
Here's why:
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When you take out a student loan, you sign a legally binding contract to repay the loan, with interest, according to terms of the agreement. This obligation doesn't change if you don't complete your education.
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Deferment of student loans is typically only possible under certain conditions, such as continuing education, economic hardship, or unemployment. Simply getting a job doesn't usually qualify for deferment.
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Money earned from a work-study job is yours to keep. It's considered part of your financial aid package and isn't a loan.
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Whether you complete your education or not, you're still responsible for repaying your student loans. The loans were given to you based on the agreement that they would be repaid, not on the condition of graduation.
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