Student loan deferral?
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?
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.
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.
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