A few days ago

Student loan deferral?

I am currently in a community college, since it is so much cheaper than the university, and I was wanted to know if there is a way to get my loan payments deferred if I take a break in between schools while my husband is in pharmacy school. i plan on finishing at the university when he finishes pharmacy school. He will be over 3 hours away, and I will be staying home with our 4 year old son, and possibly very pregnant, or with a newborn too, since we are trying now. I won’t be able to continue school or get a job and put our son in daycare since the cost outweighs what we will be making at the time.

I need to know If I can defer my loan payments until I go back to school, since I will be needing more loans then anyway?

Top 5 Answers
A few days ago

Favorite Answer

Once you drop to less than half-time enrollment, you enter your grace period, which lasts for 6 months. So long as you do not enter default on your federal student loan, then you do have rights to deferment or forbearbance. There are several types of deferments, each with a different set of qualifications that a student must meet in order to qualify. If you do not qualify for a deferment, then you still have the option to contact your lender to ask about a forbearbance.

Both a deferment and a forbearbance allow students a temporary postponement of student loan payments, but while deferments have specific rules set forth by federal regulations, your lender still has the option of providing you a temporary postponement through forbearance if you do not meet any category to qualify for a deferment. Because the forbearance option is not federal regulated, it is up to the discretion of your lender to determine whether or not it will be granted to you.

With all that said, here are my suggestions for deferment types that you may qualify for:

Unemployment Deferrment: will you or your spouse be working during this time frame you describe? If not (or working less than part-time), then you may qualify for this type of deferrment.

Economic Hardship Deferment: will you be receiving any type of government assistance (food stamps, WIC, TANF) during this time? Can you prove that your expenses exceed your income?

Application and supporting documentation may be required for each deferrment. Also, there are certain time limits to each deferment.

If you don’t qualify for a deferment, ask your lender for a forbearbance. They will also require documentation and determine how much time they will allow you.

If none of these options work out for you, you still also have the right to request a change in payment plans from your lender. For example, if you switch to the Income Contingent Payment Plan it will allow you to make as little as interest-only payments (depending on your current income). If you find it difficult to qualify for a deferment or forbearbance for the entire time frame you are looking for, then this can be a way of allowing you to help meet your family’s needs while still staying up-to-date on your federal student loans.


A few days ago
Since you are a borrower of Federal student loans, you have rights which include deferments and forbearances as long as you are not in default.

You will need to contact your lender so they can assist you with the process. They can also talk time frames with you as well.

The question I have for you is…your student loans are currently not due correct? Since you are in school they should be on defer status right now anyway unless you used up your grace period.

Either way, you simply need to contact your lender and explain your situation. They would be or should be happy that you have called them to ask for assistance instead of them calling you to collect on payments. Good luck!

If you don’t know who your lender is you can easily get that information from this website.

www.nslc.org/students — its a student loan locator through National Student Loan Clearinghouse.


A few days ago
You have 18months of forbearance, that’s it. Sometimes they will let you do graduated payments (less in the beginning and more at the end), or if you make under a certain amount then you can qualify for deferment based on financial hardship (but you have lot make less than $1000 a month—check with your lender). If you are enrolled in at least 6 units (part time) you don’t have to pay it back. You could enroll in two on line classes (yes they count) at an accredited college or university.

4 years ago
With the present regulation alterations, you may by no skill no longer pay student loans. regardless of in case you declare financial ruin, you nonetheless ought to pay them. they have your SSN, so that they’ll music you down. eventually they could even discover out the position you artwork and start up having your wages garnished. till you generate salary jobs something of your existence, do not plan on utilizing your credit for something (automobile loan, a house, heck, even an excellent style of houses & cable agencies require a credit examine now), and do not concepts having someone attempting to hint you down each and every of the time, pass ahead and save doing what you’re doing. the student loans are also Federally sponsored, so save that in concepts too!

A few days ago
Stephen A. W
I am sorry, i dont know!