Please Help! Distressing situation with my Loans!

[zambo]

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I took a leave of absence from med school a while ago and have now decided to go back. During my leave of absence my private loans were put in hardship forbearance.

But now that I'm going back the lender said I can no longer get an in-school deferment like I had before because I was "technically in repayment", even though I didn't actually make any payments. Apparently once you start repayment you can no longer get an in-school deferment when you go back.

Which means I will have to start making payments while I'm in school. How am I supposed to make payments when I'm in school full-time during 3rd year?!

Is there any way at all to get an in-school deferment on these private loans? Any way around this at all?!

 

[titoincali]

I took a leave of absence from med school a while ago and have now decided to go back. During my leave of absence my private loans were put in hardship forbearance.

But now that I'm going back the lender said I can no longer get an in-school deferment like I had before because I was "technically in repayment", even though I didn't actually make any payments. Apparently once you start repayment you can no longer get an in-school deferment when you go back.

Which means I will have to start making payments while I'm in school. How am I supposed to make payments when I'm in school full-time during 3rd year?!

Is there any way at all to get an in-school deferment on these private loans? Any way around this at all?!

This isn't ncessarilly true. I has started paying my loans after I had left school 5.5 years ago. When I returned to school (part-time) I received a surprising letter in the mail that I had been put back on deferment since I was back in school. I'm not sure how they knew because I hadn't asked for a deferment but they did. I expect to continue being in deferment as I start med school in the fall.

But I just realized that you might be talking about a different type of loan. I only had fed subsidized loan. Are you talking about fed or private loans??

 

[zambo]

But I just realized that you might be talking about a different type of loan. I only had fed subsidized loan. Are you talking about fed or private loans??

Private TERI loans for med school.

 

[BerlinNeuro]

I'm sorry you are having problems with TERI. They are the real Satan of loan companies. I have had MAJOR MAJOR problems with them since I took out private loans with them for undergrad. They won't let you defer regardless of in-school status, no money, etc., they won't let you do a damn thing. And they're rude as hell about it. I've tried everything in the world, but my poor parents are forced to pay them back for me until I finish school.

WARNING TO ALL: AVOID TERI AT ALL COSTS AND GO WITH KEY BANK 😡

I have had wonderful service at Key, no problems with deferment, and lower interests rates without a co-signer on my own than I did with parental co-signing with Teri, despite my parents' excellent credit rating and history. 👍

And FYI these were all private loans.