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Student Loans In Deferment until 2012!

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One of the side benefits of taking employer-reimbursed graduate courses (other than a free education) is that my $24k or so in student loans are deferred until I complete school, even when the net cost of the courses will be negligible. I didn’t even need to do anything to get them put into deferment; ACS found out by themselves and actually caught me off guard. They put the loans in deferment until my scheduled graduation date in 2012 (hopefully it won’t take me seven years but that’s the limit at Johns Hopkins).

While in deferment, the government will cover the interest payments but I can continue to pay off the principal without penalty and without surrendering the deferment status. It’s a double bonus – not only do I get a “free” education but I also get to avoid interest on the loans. You don’t need another reason to go back to school!

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6 Responses to “Student Loans In Deferment until 2012!”

  1. Anonymous says:

    What kind of loans have you taken out? My wife is starting school in January and I’m trying to figure out how to pay for this (10k a semster, 3 semsters a year for 2 years). I’m considering a HELOC, but trying to learn as much as I can about the different options. I’ve tried FAFSA, but they have pretty much penalized us for actually saving instead of spending everything we make. Any info you could provide is very much appreciated.

  2. jim says:

    Unfortunately I don’t know if I’m able to give you any advice on that because my loans were from my undergraduate/graduate (all pre-full time job) years, when I had no income, negligible savings, and relied mostly on Stafford (about 90% of what I owe) and Perkin Loans. As for the MBA I’m pursuing now, my tuition is covered by my employer. I’ll try to do some research tomorrow and let you know what I find and we can compare notes.

  3. reggie says:

    What can i do if i’m working full-time but don’t make enough to pay my student loans monthy amount. I asked for a deferment but i don’t qualify for any of the three scenarios but my income is so low that it only is enough to pay my necessary bills i.e. rent, utilities, car, insurance.

    • flyseventeenthirtytwo says:

      Personally, I would contact them and let them know what you can afford to pay each month and explain the situation so they don’t think that you are just trying to ditch paying. Most companies even direct loans want to be paid something per month but yes seeing a $1000 minimum payment bill (for example) may not be feasible for most people.

  4. angela says:

    my son took a studnt loan with myrichuncle. It’s 165 interest rate. It’s ridiculuos. Last semester he di not attend school, although he was supossed to pay the loan when he finishes school, the IR is been added to the principal. I though deferred payment means you pay at the end of the school with no interest. How can I get a REAL deferred loan with NO interest until he finishes college. he still needs two more years to go. thanks,
    angela

    • flyseventeenthirtytwo says:

      I would apply for fafsa. Most people that don’t believe that they qualify (usually because they believe they make to much) usually find out that there are programs available to them sometimes it is because of race sometimes it’s because of wealth (etc.), othertimes there are actually programs that are provided for people who are staying in state (like in NY State for example) so don’t think that because you make money your son won’t qualify for anything.
      However, if you don’t fill out the fafsa either with your son or not you will never know. Also don’t lie on the fafsa even if you think there is no way in heck of getting it. You still have a chance provided you are being honest and your son hasn’t been committed of a drug crime which will automatically disqualify him. Also take heart if you are confused by filling out the fafsa most of us are. If you make some mistakes they don’t automatically write you off as a liar and come to get you. They expect people make mistakes and that people have issues with the wording. Try your best do it online so you don’t have to keep updating the info every year unless you move or something and you will be fine.


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