Forbearance???????????

[Peeshee]

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Hi, I have been told by a loan company that there are only 2 options after your grace period is expired for alternative loans:

1)start making payments, the minimum being interest only payments
2)do forbearance (and you have to pay 150 dollars max. for all your loans to be in forbearance for 6 months)

First of all, I did not know that you have to PAY to be in forbearance. Secondly, I thought that there was a deferrment option for alternative loans.

Does anyone have experience/information about this? I 'd really appreciate any help.

Thanks so much!

 

[mpp]

What do you mean by 'alternative loans'? If you mean private loans, then the loan company chooses the terms (these are not government-regulated student loans). Whatever you signed up for when you took the loan is what you get. Find your original loan agreement and read the fine print to see what the terms of the loans are.

 

[Peeshee]

Yes, I do mean private loans.
Is there no consolidation available for private loans? Is another company able to buy the loans from Sallie Mae?
thanks