Welcome to INTJ Forum

This is a community where INTJs can meet others with similar personalities and discuss a wide variety of both serious and casual topics. If you aren't an INTJ, you're welcome to join anyway if you would like to learn more about this personality type or participate in our discussions. Registration is free and will allow you to post messages, see hidden subforums, customize your account and use other features only available to our members.

Sign in to follow this  
Followers 0
ProfessorMurder

Student Loan Deferment/Forbearance?

Does anyone have any experience with putting off loans? Care to share some of your stories?

I've been worried about starting repayment since I haven't been able to find full time and permanent work, and I'm living at home. I ran into a woman last night who told me to look into deferment or forbearance.

It doesn't seem too difficult to qualify for, and it sounds like it would be very helpful to me... I know interest can accrue depending on the loans I have, but I can pay that as it gathers.

Share this post


Link to post
Share on other sites

Deferments are pretty easy to get. If I remember correctly, you just sign an oath that you are unemployed. You have to prove you are looking for work by also saying you have applied for something like 6 jobs in the past 3 months and that you are registered with a job search agent (such as monster.com). Deferment can only last for 6 months at a time, and there is a limit to how many times you can do it.

This website is helpful www.finaid.org

Share this post


Link to post
Share on other sites

As said before, 'unemployed' deferment is easy to come by and worthwhile to keep yourself from defaulting.

Some lenders will actually let you extend your term and graduate your payments--for example my private lender would allow me to extend my loan term to 25 years from 10, and taper the payments upward--starting low, then increasing over time (presumably when I'd be most financially stable). I haven't done it even though my monthly payments are astronomical, I want to be done with my loans ASAP because I don't know where I'll be in 10 years...could be jobless!

Share this post


Link to post
Share on other sites

Applying for a loan is not easy, it's as hard as paying it. With regards to this, college students from around the country delivered 130,000 letters to Congress on Tues. The letters all ask Congress to act before student loan rates increase on July 1. The current lower rate is a result of 2007 Democrat-supported regulation that is due to expire. Republicans in Congress say the move is too costly. Democrats say it is only fair. Source of article: Undergrads rally in D.C. to protest student loan hikes.

Share this post


Link to post
Share on other sites

I had a loan in Canada. I had to apply for what you call a deferment every six months, but the timing was very tricky. It was paramount to apply within a month's window to be able to qualify for the next period, so be absolutely sure you get the most exact information, preferably from more than one agent, as they often don't know what they're talking about. If you have any illness or disability, do mention it--you might qualify for a loan forgiveness. Also there might be a period after which you can get a forgiveness anyway.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0