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Post by supermommy on Dec 28, 2011 15:39:59 GMT -6
In was wondering if anyone knows how long you are allowed to defer school loans for? We likely will not be able to pay on any for 6-12 months as we are really really struggling right now. I know we end up paying more in the end but we have zero choice about it.
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Post by laurac on Dec 28, 2011 15:48:25 GMT -6
I was under the understanding that you can defer them up to six months but you can only do that if you are registered for continue schooling. I'd check with your school.
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Post by bumblebee23 on Dec 28, 2011 15:48:50 GMT -6
I was stupid and didn't know any better but when my loans came about it was to much for me to pay and I just called to see if I could lower my payments and they said they could put me in deferment. I just did it and hoped to get some stuff paid off before I started making payments. Once you defer they will defer you for a year then you will get a letter in the mail saying your payments will start again unless you call them. I never sent any money in at all but if you can send even $5 in to try to get some of it paid. I don't beleive you are charged interest during that time.
My school loan is now in forebarance and they are charging me a crap ton in interest every month but I don't have a choice until I can get a few things taken care of. Good luck and hope this helps!
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Post by laurac on Dec 28, 2011 15:49:51 GMT -6
I think eventually they start taking your state refund money.
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Post by bumblebee23 on Dec 28, 2011 15:50:30 GMT -6
They have a couple differant types of differments. I think I used the hardship deferment and I beleive I got up to three years on that. Just call the loan company and they should be pretty good about answering any questions that you have.
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Post by laurac on Dec 28, 2011 15:52:45 GMT -6
You know you aren't the only one who needs that.
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Post by supermommy on Dec 28, 2011 16:41:02 GMT -6
Yeah we are going to apply for the economic hardship....just wasn't sure if we would be allowed more than 6 months.
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Post by ReneeW on Dec 28, 2011 16:51:59 GMT -6
My first job after college I made (seriously!) $13,500 a year--which was less than my tuition had been. Thankfully I was able to delay paying my student loans for about a year, and I put myself on the "pay over 20 years" plan because my income was so pathetic. So the good news is you can do it, the bad news is ... I graduated 15 years ago and am STILL paying off those stinkin' loans. But you have to do what you can to make ends meet and have faith that later on you'll have the means to pay it back. That was 14 years ago but it should be easy to find out what the hardship deferral is at this point. And believe me, you are NOT NOT NOT alone. (Sigh.)
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Post by megs25 on Dec 28, 2011 21:12:26 GMT -6
I was told the hardship deferrment fit my circumstances best due to A. I do not have employment in the field of my earned degree B. Am a student again.
I'm not sure how long you could use this deferrment, but as long as I'm a student, I plan to. I pay interest just to make a slight dent in the mound of debt :/
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Post by sarahisis on Dec 28, 2011 22:33:22 GMT -6
When I was right out of college I had surgery which didn't allow me to work for a while (not that I made much anyhow) and my loan defferment was for a year. What company are you with? Most will be more than willing to work with you... I remembered when I called ACS the first time I deffered (2003)ish... been a while, but it never hurts to explain your situation and ask!
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