Yes. There are several cancellation programs that are available. If you work as a schoolteacher, in law enforcement, or in the medical services, you may qualify to have some or all of your loan cancelled.
No. As long as you maintain a class schedule that is at least 50% of a full time student, you can apply for a student deferment. Remember to resubmit the deferment each year that you qualify.
Your student loans will enter into a 9-month grace period from the date you graduate from UCSB or your class schedule drops below 50%. You will receive your first bill at the 9-month point with the first payment due at the 12-month point. You will continue to receive a bill every 3 months for the duration of the payment schedule.