Forbearance - Wait Until in Repayment?

[filter07]

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I have student loans currently in deferment. I tried to defer and it said I must be in repayment in order to apply. It said the same thing for forbearance. My deferment period ends in May, and I have about a month after that before my first payment is due.

I want to go into forbearance. So do I have to wait until my deferment period is over at the end of May before I apply? (i.e. I can't apply now?) I don't want to start any payments yet, so I basically have a one-month time span to get my application submitted and approved... is that right?

 

[pem8erly]

You have 2 options. You can request to be put into repayment now for your deferred loans and then apply for forbearance.

Other option: I would have all your paperwork ready to go and send it in the day your deferment ends. If you send it in too early, they'll likely reject it because you're still in deferment.

 

[emlopez2]

Have similar problem now while trying to buy a house. Bank wants proof of 12 months of deferment or forbearance and I will be going into a 6 month grace deferment first so I can't even apply for forbearance yet. According to what I read you can't apply for forbearance until 30 days prior to end of your deferments. If you can request to go into repayment now I guess you could start the forbearance process now but you will be paying the interest sooner rather than later.

 

[dsherida]

Similar situation with house, but I just had my financial aid director write a letter stating my loans are eligible for Mandatory Forebearance and they stated the actual law allowing this for the duration of my residency. The broker and underwriter were completely fine with this letter.

 

[emlopez2]

Similar situation with house, but I just had my financial aid director write a letter stating my loans are eligible for Mandatory Forebearance and they stated the actual law allowing this for the duration of my residency. The broker and underwriter were completely fine with this letter.

Thanks for the info. Gonna get ahold of my school tomorow for sure to see if they can do the same for me. Getting sick of waiting on Sallie Mae to get their sh#t together on my behalf.