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[GuP]

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Resident here with a lot of loans from sallie mae. Last year, I was able to defer my federal loans under economic hardship, but, when I tried again this year via Sallie Mae, I was denied because my monthly wages increased a little but as I transitioned. I looked at the sallie mae website and there aren’t any other deferments I am eligible for on my federal loans. The following were the ones that came up and the only one that I was eligible for (econ. hardship) was denied:


In School deferment

Unemployment deferment

Economic Hardship deferment

Military Service deferment

Rehabilitation deferment

Graduate Fellowship deferment


Is anyone out there in the same boat? I suppose the only thing left to do is forebear…any suggestions?

 

[glade]

You know what's hilarious? All of us chumps are paying back loans. And meanwhile, tons of idio -- I mean, citizens are just walking away from mortages and such and nobody cares. The lesson is that the more irresponsible you are, the better you will be treated. I mean, the problem is you're an intelligent, responsible, hard-working person who cares about doing the right thing. When really, you'd be handsomely rewarded by liberals if you just started drinking during the day from a paper bag, doing drugs, and having illegitimate kids on the side and acted like everyone had taken advantage of you.

 

[lowbudget]

You can do forebearance which is up to your lending institution to grant you or not. Your interest still accumulates during this time, but you can still pay it as you go along.

You can also do income based repayment, where they adjust your monthly payment downward while you make a low salary. The advantage here worth considering is that interest paid gets to be deducted on your taxes. Once you're an attending, you'll make too much money to qualify for the deduction.

If you can afford it, I would really look into IBR & maximize on the tax deductions. It's free money. My personal advice is to take your tax savings & plough it back into your loans & generate more tax savings off the interest payment (or, if you can, prepay your principle which will save you a lot of money in the long run... or use it towards any more expensive loans like your credit card). You should be able to pay back your loans basd on IBR unless for some reason your personal living expenses & obligations are higher than average (car loans, rent).

Th other advantage to IBR over forbearance is that if you pay on time over X number of payments, your interest rate can decrease after so many months. The sooner you start to pay on the, the sooner the rate decrease happens.

AND, use electronic funds transfer (which essentially guarantees on time), some lending institutions will reduce your interest rate even more. So look into it with your lender.

 

[smq123]

Moved to Financial Aid.