quick loan deferment question

[LivestockDoc]

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Does anyone know how soon after being accepted to school you can start a deferment? Does a deferment not start until the day you actually begin classes, or can you start it earlier (so you can have more of your income available to move to your chosen vet school, for example)? 😕

 

[Rainheart]

I am wondering this as well!!

 

[labrat37]

You should be able to apply for forbearance so that you can save money for the next few months if you want. Mine took two minutes with a quick call to Sallie Mae. Once classes start, the forbearance changes to deferment.

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[Rainheart]

The only thing with a forbearance, is that you forfeit the money. It is $50 per loan, so mine would be $100 to forfeit. At least for now I am paying some of my loan off.

I just submitted a form to defer my loans while I am enrolled half-time in some vet tech classes. Hopefully that will do it until the fall. It took me a month to get it in with the school causing most of the problem since I got wrong info on where to send the form. Now jut waiting for them to process the form.

 

[Peperoncini]

When I was dealing with this last year, I was told deferment would not be an option until I was actually taking classes (typically your financial aid office notifies a lender clearing house of your new status...). Some lenders require an additional note directly from your institution verifying enrollment (but usually lenders won't being deferment until you are actually in school).

I graduated in Dec 2011 and had to pay a couple months of loans as I started at VMRCVM in August 2012.

 

[LivestockDoc]

The only thing with a forbearance, is that you forfeit the money. It is $50 per loan, so mine would be $100 to forfeit. At least for now I am paying some of my loan off.

What money are you forfeiting? Do you mean there is a fee to apply for a forbearance?

 

[Rainheart]

What money are you forfeiting? Do you mean there is a fee to apply for a forbearance?

Yes, for Sallie Mae, at least, there is a $50 forbearance fee per loan. You forfeit it if you do a forbearance and then start classes.

 

[LivestockDoc]

Yes, for Sallie Mae, at least, there is a $50 forbearance fee per loan. You forfeit it if you do a forbearance and then start classes.

Oh, I see. Thank you, Rainheart.

 

[McGovernator]

I'm a little late on answering your question, but I know at least for my undergraduate loans the deferment begins the day classes start for a graduate program. I hope that helps!