Deferring Loans for Undergrad

[zeebra44]

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Hey fellow SDNers, I could really use your advice. I graduated May 2009, and had a 6 month grace period for my student loans. I went through a stretch of unemployment in December (only worked a seasonal position at Best Buy, woo woo!), so thankfully I was able to defer them until June 2010. Well, June is fast approaching and I am in between jobs (long story). I'm not sure if I should try to defer my loans again for unemployment OR try to defer them due to going back to school. Since classes don't start until August, I don't think they'll accept the 'going back to school' route. But I really don't want to be stuck paying loans for two months until I do. Thoughts? Anyone else going through this? Any advice is appreciated!!

 

[VeganSoprano]

Try the "going back to school" thing. If that doesn't work, try paying them for 2 months. It'll at least be a few hundred you won't be paying interest on.

 

[lei325]

When in doubt, call and ask. Usually they have people during the day that can help with that stuff. Plus, you get an answer straight from the source, so there is less room for error.

 

[JNR]

I'm familiar with this process as I had a similar situation 2 years ago. Normally I defer my loans during the school year (I work full-time and have been taking my pre-reqs), but they can't be deferred June-August if I'm not enrolled in at least 6 credits. Instead of "deferring" your loans, I believe you enter a "forbearance" period (for up to 6 months I think), where you also don't have to make any payments. You can claim financial hardship by having to move, buy everything for school, etc. That should work for you until you defer them again once you start vet school. Or, if you have already enrolled in your classes at your school, you may be able to defer them earlier if you have proof of enrollment. Hope this helps!

 

[zeebra44]

Thank you! 👍

 

[VeganSoprano]

Only issue with forebearance is that IME they charge you $100 for the privilege and it does not apply toward your loans. Depending on how much your payments are, this may or may not make financial sense.

 

[zeebra44]

Only issue with forebearance is that IME they charge you $100 for the privilege and it does not apply toward your loans. Depending on how much your payments are, this may or may not make financial sense.

Forbearance hurts your credit rating as well, right?

 

[JNR]

This I am unsure about. For me, it was my only option. But like someone else said, every state/loan agency is different and has their own set of rules with repayment. I know mine will most likely be contacting me by the end of the month. It's such a headache!