Loan Deferment...Confuseddd!!

[GuitarFreak]

Advertisement - Members don't see this ad

Heyy Everyone
I've been very confused about the process of loan deferment for undergrad loans. I will be starting school in August but have a bunch of Federal & Private loans for my undergrad education.
I called up one of the lenders and they told me to download their deferment form from their website and have the school's registrar sign it. The problem there is that I'm still waitin to hear from my state school, which if accepted, I would attend over the out-of-state school I've been accepted to. How do I go about that?
Is that how all the loans work? I heard someone say that once they filed FAFSA for grad/med school, their federal loans were automatically deferred, is that accurate?
If someone could outline or shed some light on how the loan deferment process goes for federal & private loans, that'd be great! Thank you !! 🙂

 

[flip26]

Heyy Everyone
I've been very confused about the process of loan deferment for undergrad loans. I will be starting school in August but have a bunch of Federal & Private loans for my undergrad education.
I called up one of the lenders and they told me to download their deferment form from their website and have the school's registrar sign it. The problem there is that I'm still waitin to hear from my state school, which if accepted, I would attend over the out-of-state school I've been accepted to. How do I go about that?
Is that how all the loans work? I heard someone say that once they filed FAFSA for grad/med school, their federal loans were automatically deferred, is that accurate?
If someone could outline or shed some light on how the loan deferment process goes for federal & private loans, that'd be great! Thank you !! 🙂

they will all automatically defer once you matriculate in med school.

It may even occur before that, like when you accept your finaid package, but don't count on it until you matriculate.

 

[armybound]

http://www.studentclearinghouse.org/students/deferment_process.htm

 

[ThaliaNox]

they will all automatically defer once you matriculate in med school.

It may even occur before that, like when you accept your finaid package, but don't count on it until you matriculate.

This is not quite true. Your federal student loans from undergrad will automatically defer, don't worry about those. Your private loans, however, will depend on the lender. Keep in mind that many private loans have 6 or 8 year deferal limits as well. Make sure you know how long you can defer them! If you have more than one private lender, the rules might be different for each, so contact them all.

As far as filling out the paperwork goes, I would get it signed for the school you're currently accepted to, so it is taken care of. Then, if you get accepted to your state school, redo the paperwork.

 

[flip26]

This is not quite true. Your federal student loans from undergrad will automatically defer, don't worry about those. Your private loans, however, will depend on the lender. Keep in mind that many private loans have 6 or 8 year deferal limits as well. Make sure you know how long you can defer them! If you have more than one private lender, the rules might be different for each, so contact them all.

As far as filling out the paperwork goes, I would get it signed for the school you're currently accepted to, so it is taken care of. Then, if you get accepted to your state school, redo the paperwork.

I missed the private loan part. Don't have any myself, so what you have said here sounds correct.

My main point is that the deferrals won't likely start under any circumstances until you matriculate, or at least not until your new loans are disbursed for med school. Otherwise, people could get these deferral things signed up to nearly a year in advance of actual matriculation...

 

[armybound]

my private loans (from sallie mae) went into automatic deferral when I went back to school.

 

[Bacchus]

I missed the private loan part. Don't have any myself, so what you have said here sounds correct.

My main point is that the deferrals won't likely start under any circumstances until you matriculate, or at least not until your new loans are disbursed for med school. Otherwise, people could get these deferral things signed up to nearly a year in advance of actual matriculation...

Correct! My school would not sign my deferral application until the first day of class.

 

[GuitarFreak]

Cool ! ... Thanks everyone .. I guess I'm just gonna have to wait till I matriculate but its relieving to find out that my federal loans will be deferred automatically !

 

[armybound]

if you're going straight from undergrad without taking 6+ months off they should never even go into repayment