Comments on: Student Loan Deferment vs. Forbearance

By: Margaret

Margaret — Tue, 31 Jan 2012 00:25:02 +0000

Does it matter what kind of school one is going to, to qualify for deferment. I am currently attending a private nursing school as a full-student and I am wondering if I qualify for deferment.

By: Key

Key — Thu, 20 Oct 2011 19:49:59 +0000

The military is going to start paying back my student loans. Should I consolidate all my loans before they begin making payments?? Please help!!

By: Kat

Kat — Thu, 20 Oct 2011 06:37:22 +0000

WOW 25 years! That is a very long time! I want to repay soon…I know it’s going to take me a min. but I am turning in my paperwork for a deferment now…Its in place for a year which is just enough time to finish the tuition remb. plan at my new job! I’m crossing my fingers and hoping it all falls into place right and it pays for some! I’ll take all and any help I can get!

By: kiki

kiki — Sat, 01 Oct 2011 05:38:25 +0000

I am a debt collector of defaulted student loans. My best advice is to consolidate your loans with direct loans and get into the william d. ford income contingent repayment plan. It works for several of my borrowers and they don’t have high payments. Also the loan will be forgiven after 25 years of payments.

By: Anonymous

Anonymous — Tue, 20 Sep 2011 17:57:37 +0000

You can’t declare bankruptcy for student loans, the only way to get rid of them is to pay them off or die…sorry!

By: keke

keke — Tue, 16 Aug 2011 02:31:30 +0000

i actually called and my loans were in default for years and since i am currently displaced due to the economy i was granted a consolidation of my loans and i went from being garnished $700+ per month to settling for $320 a month and finally $45 a month after the consolidation. definitely give them a call because it is worth it

By: KC

KC — Wed, 25 May 2011 14:57:15 +0000

I have an MBA and yes I owe plenty in student loans after 2 degrees, I say I pay out about $700/month, however I made $60-70K my first year out of the MBA w/ the same job I had during the MBA, just worked more hours is all. I say now I make enough to pay, and since I have now been paying my loans about a year now, my credit score went up about 70 points already. I am pregnant also with my first, and I called today to see how it works if I do need to stop payments for a while, and its a forebearance, and they have other deferment options. I do not worry about them harrassing me for payment, and if it comes to where it gets that bad, I figure it will be another deferment I can somehow get. There are also several different repayment plans. I know one of my lenders just wants proof of the other loans and then they could spread the balance out over 20-30 years if you need. That means you pay more in the long run, but until things pick up, that could be an option for you; just ask.

By: Anonymous

Anonymous — Wed, 30 Mar 2011 02:58:12 +0000

To everyone who has Stafford and/or Perkins Loans…you are eligible to consolidate ur loans with the Dept of Ed..even if u’ve consolidated already. 1.800.557.7392 is their #..Lowered my payment from $270 a month to $83 a month. Federal money cannot be discharged in bankruptcy and has no statute of limitations so if you have Federal Loans give the Dept of Ed a call and see if an income contingent repayment lowers your monthly bill…All I can say is that it did for me.

By: Annoyed

Annoyed — Tue, 14 Sep 2010 13:53:09 +0000

My advise to all – if you have to get student loans college isn’t worth it – especially in this economy. Don’t do it! I have an MBA and am in debt from my student loans in the amount of $86K and no way to pay it back – I only have a year and a half left of my forebearance … after that they can drastically affect my credit negatively and call me with threatening messages – anything and more a normal creditor will do. I can pay what I can but it won’t be enough – they say with an MBA you will average 6 figures annually – this is a lie!!!!!! It isn’t worth it – don’t make the same mistake I made.

By: Anonymous

Anonymous — Mon, 30 Aug 2010 12:39:08 +0000

There might be an option for you to develop a financial plan and not be broke for the rest of your life. Maybe declaring a bankruptcy, or some other way. You should seek help of a certified financial planner (cfp). You can get a free initial consultation, and see if they could offer something interesting to you and actually help. You can find a cfp in your area through napfa.org
Good luck, I hope you won’t be broke for the rest of your life.

By: Claudia

Claudia — Wed, 02 Jun 2010 15:24:30 +0000

I just applied for a Deferment and all they did was lower my payment 29 dollars. I am unemployed and have been and wanted to not pay and freeze it for a while until I got a job. What is the point of applying for a Deferment if they are not going to do it?

By: Brian

Brian — Thu, 06 May 2010 19:41:50 +0000

Right, I think the difference is only important for subsidized or maybe a few other loans. It doesn’t make a difference for the unsub, plus, etc.

By: Anonymous

Anonymous — Sat, 06 Feb 2010 06:41:01 +0000

Interest accrues on the unsubsidized portion of the loan in a deferment status, its not “frozen in time.”

By: Anonymous

Anonymous — Wed, 06 Feb 2008 03:44:53 +0000

I can not read anything under the head-Free Money Finance-it is all distorted! What is it?

By: saladdin

saladdin — Fri, 18 Jan 2008 13:05:48 +0000

Dee, Have you tired the student loan forum at creditboards? You will get more specific answers there probably. saladdin link