Confusing Student Loans

[schnell8]

Alright, so I will be starting PT school in August. My job ends in May (it was a student assistant job that was temporary). Based on my current income, the government wants me to pay them $114/month for student loans right now. I can't pay that right now since I will be losing my job in May and I gave them a call. The lady I talked to was pretty rude but put my student loans in 'forbearance' status. She wasn't very helpful in terms of describing the difference between 'deferment' and 'forbearance'...but after doing some googling, it seems that deferment means that subsidized loans don't accrue interest (however, unsubsidized do) and 'forbearance' means no matter what, interest will accrue?

Does this sound right?

Also, I was 'blessed' with parents whose income was too high but couldnt pay their bills and so I have a $30,000 in unsubsidized loans from undergrad...does anyone know if there is any lucky way to make an unsubsidized loan subsidized?? lol It might be wishful thinking... Im afraid grad school is going to be extra pricey for me in terms of the interest I am about to get nailed with over the next three years....

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[Litlwarrior08]

Alright, so I will be starting PT school in August. My job ends in May (it was a student assistant job that was temporary). Based on my current income, the government wants me to pay them $114/month for student loans right now. I can't pay that right now since I will be losing my job in May and I gave them a call. The lady I talked to was pretty rude but put my student loans in 'forbearance' status. She wasn't very helpful in terms of describing the difference between 'deferment' and 'forbearance'...but after doing some googling, it seems that deferment means that subsidized loans don't accrue interest (however, unsubsidized do) and 'forbearance' means no matter what, interest will accrue?

Does this sound right?

Also, I was 'blessed' with parents whose income was too high but couldnt pay their bills and so I have a $30,000 in unsubsidized loans from undergrad...does anyone know if there is any lucky way to make an unsubsidized loan subsidized?? lol It might be wishful thinking... Im afraid grad school is going to be extra pricey for me in terms of the interest I am about to get nailed with over the next three years....

Assuming you've been out of undergrad school long enough to have started paying back the loans???? No don't believe you can change unsub to subs. All grad loans will be unsub. as well. accruing interest from day one payments start 6 months after graduation. At some point you can consolidate. Also assuming you are venting

 

[schnell8]

Assuming you've been out of undergrad school long enough to have started paying back the loans???? No don't believe you can change unsub to subs. All grad loans will be unsub. as well. accruing interest from day one payments start 6 months after graduation. At some point you can consolidate. Also assuming you are venting

haha, your assumption is correct. And yeah, I guess this post was mainly a rant. I haven't even started school yet and I am already counting down the days when I can start actually working...It is frustrating though to go to school so you can do what you love and make a living but then spend your life paying all this tuition money..

 

[bythebay]

I think you're right about deferment vs. forbearance though. Mine are deferred. I'd call back to check.