Out of School Deferment of Forbearance? Help please.

Dec 022011
 

I’m currently unemployed and in fianancial hardship so I am unable to pay any loans at this moment. My repayment schedule is starting within the next month. I’ve already taken the 6 month grace period when I was out of school for a few semesters so I don’t think that is an option. I’m currently not in school at the moment but want to go back when I can afford it.

 

Are there any other type of deferments that I can look into? Income based payments, hardship deferments, forbearance, etc? And is forbearance on Stafford/Unstafford loans bad?

 

If I do choose forbearance/deferment on my loans, how will the payment plan and length of payments change? I read some horror stories, such as the the payoff date ending many years later than before going into forbearance, so I really want to cover all bases and make sure I know what my options are and which options will help/hurt me in the long run. If it helps, my loan owner is CSLF/Susie Mae and I have both Stafford and Unstafford Loans. Any replies would be greatly appreciated! Thank you.

student loans
byJonathan Ah Kit

It seems as though the only programs available to student debt holders only apply to Federal Loans. Just wandering if there is anything available to private student loan holders.

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I have been out of work, going on about seven months now. I may be defaulting on my student loan this month, which I pray will not be the case. Does anyone know of any type of program designed to help those who have student loans and are in endanger of going default on their loans? I have already used my three years of deferments up, due to low-paying positions.

Dear GOD, Direct Loans is making me insane.

Dec 022011
 

I’ve got a consolidation and a forbearance that went in before the unnecessary, why-fix-it-if-it-ain’t-broke website switcheroo and now I can’t even access my account.  Last time I was able, they were saying I was 30 days  late, even though the payment was sent from my bank’s bill pay on time.  Egads.  Got an email that my statement would be online in a few hours yesterday, but I can’t even get past the login page.  FRUSTRATING!

student loans
byHouse Committee on Education and the Workforce Dem

I just joined the NAVY& I want to defer my student loans until I’m at least finished with “a” school. I have federal as well as state loans. Do I need to contact my school or fafsa?

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Student Loan’s Discharge Question? Update

Dec 022011
 

Good afternoon,

 

I can get my student loans discharge, because I became permanent disable with the Veterans Affairs. A total of only 9000 can be discharged. The question I have is, if I do discharge those will it negative impact my credit report? Will the trade line be erased? Will the trade line be noted or labeled as discharge or something to that effect on my credit report and will that impact my FICO or will I have to write an explanation to creditors. By the way if they will be decreased it will give me a higher AAoA, but lower my credit mix.

 

Thanks in advance

student loans
byEmbajada de Estados Unidos en Bolivia

doesn’t the money go to the University? and you never receive it?

do students borrow a maximum amount in student loans so they keep the leftovers to pay their apartment bill and/or living expenses?

Denied because of student loans?

Dec 022011
 

I Applied for the Citi card recently, just out of curiousity, i got a email 2 days later saying i was not approved and the only reason stated was this;

 

"Your credit report shows proportion of loan balance to loan amounts is too high."

 

My loans are not in repayment and are only about $ 2200 total for two. My question is, is this negatively impacting my score because i haven’t made payments and interest makes the account show as 104% utiziliation or is citi\experian full of it?

 

i don’t plan on taking out anymore loans so should i start paying it to lower utilization before repayment starts or will that not even help my score?

student loans
byChristopher S. Penn

Does anybody know how many times you can consolidate private student loans? Right now I have approx $ 26K in student loans consolidated with Sallie Mae at about 10% interest rate. I would like to get a better one, but have already consolidated. If I can only do it once, do loan companies actually lower the rate based on credit and payment history?

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I am starting school in April and i will receive some financial aid however i will need to use a student loan as well. the total cost is 13,400. I am 19 and i have heard student loans sometimes become problems. How does the process of paying the money back go. Can i pay based on the amount i can afford to reinburse them?

Direct Loans BACK on credit Report

Dec 022011
 

Well I noticed my score dropped by 5 points and I was entirely confused because I know I didn’t do anything and all my cards have a 0 balance !!! Well All of my student loan accounts started reporting again and ALL of them are seperate and not consolidated like they told me they would be. So I have 5 seperate accounts reporting … and to make matters worse I also still have the other Direct Loan accounts in the closed accounts section reporting $ 0 on my report still …. 

student loans
byEmbajada de Estados Unidos en Bolivia

In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.

I didn’t work in 2010 and only collected unemployment benefits how will that affect me in the future when I apply for additional grants and student loans?

What is the 10% for 10 years deal?

Dec 022011
 

I finished school in July 2011 and I will start making payments on my $ 20k loans starting 2-2012…. Someone told me there is a new policy that you can pay just 10% of the loan principle for 10 years and the remainder is forgiven…. Has anyone heard of this and if it is true… how do I go about using this option?

 

Thanks!

student loans
byEmbajada de Estados Unidos en Bolivia

Hello. I am a recent law school grad with 120k of student loans (both private and federal) and I’d like to find out a way to consolidate my loans and hopefully lock in a lower interest and payment rate. Does anyone have any good advice on which bank to chose and how to go about consolidating? thanks!

Finally getting my SL’s back in shape!

Dec 022011
 

I’ve been working on my credit for just a month now and today was the day to start tackling my SL’s. I have 5 loans which total approx 31k. All are through Sallie Mae – 1 is open/positive and has on time payments since repayment started (approx 10/08). The other 4 were defaulted …. I had never made a single payment ( my fault, wasn’t on top of my loan situation, blah blah blah).

I contacted DOE who is handling my 4 defaulted loans. We arranged 9 monthly payments of $ 140 to get me going with a rehab. First payment was made today, next payment will be 12/20.

Then contacted Sallie Mae and requested a lower monthly payment since I think it’s going to be a little difficult to afford the new DOE payment in addition. They were able to offer me an interest only payment for 2 years at a price that is $ 80 less per month than my current monthly amount due. Then my payment will go up by $ 20 from my current amount for the remaining 10ish years. I took this option because I have a car loan which ends in 1.5 years and should be financially able to take on the slightly higher payments at the end of the 2 years.

I’m excited to be taking the steps to fix up these accounts and my overall credit. Hopefully Sallie Mae will remove all negative tradelines and I’ll see some improvements when all is said and done.

And…. Thank you to this forum and the users… I had no idea about SL rehab until this AM!!!

student loans
byChristopher S. Penn

I earned a Bachelors of Science in Computer Science on May 5, 2006.. three years ago. all of my student loans are currently in default, because nobody is hiring. can i get student loans/financial aid to go to some type of graduate school even though my current loans are in default? if i do, will that keep collectors from garnishing my wages?

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Is it true there is a measure in the bill for the Govt to take over student loans?

60 days late on ACS Student loan

Dec 022011
 

My ACS loan is showing a 60 days late from February 2011. This happened when I moved to another address and didn’t received the loan info. It is not my fault because they did not up date my contact information when I completed my loan rehabilitation, but I have not missed a payment since……

 

Any chance that they will delete the 60 days late from my credit report?

 

I would appreciate any suggestion that you can offer me…

 

 

Thanks

student loans
byChristopher S. Penn

All these tax breaks and money given to banks with bad judgment calls. Why don’t they give us students a break on paying back student loans. Because of the student loans. I will never be able to afford a house.

Just found out some interesting news about my student loan…

Mar 182011
 

Just got off the phone with a servicer of one of my student loans….

 

A loan that I thought I would be entering into repayment on soon…. is still in In-school status!!  Deferment baby!!!

 

I graduated from U of Minnesota last year with 37k in in student loans.  24k of that was Federal loans which I was able to defer since I’m now in graduate school (22k of which is subsidized).

 

The remaining 13k was with the SELF Loan program through the Minnesota Dept of Higher Education.  I was told previously by a phone operator from Firstmark Services, the servicer of my SELF Loan, that I could not defer it during graduate school because University of Iowa was not a participating school in the SELF loan program.

 

Found out today, though….. they are!  So now all my loans are deferred during grad school.  That’s another 4-5 years  (average time to complete my program is 5.5 years).  I also found out that when I finish my PhD program and I go onto Post-doctoral studies for 3-5 years, I can defer then too!

Wow. Almost 10 years of ignoring my loans!

 

But.  Unfortunately… this news doesn’t really change anything… because interest will still collect on the SELF loan so it’s on my hit list to pay off before I leave graduate school anways.   But it does feel good knowing that I don’t have to pay it off right now.  :smileyvery-happy:  Now I won’t feel guilty when more money dumps into my Roth IRA each month than into paying off that loan. 

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