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How many times can I get a forbearance for my student loans ?

DT4K

DT4K

Diamond Member
EDIT: it is a forbearance, not a deferrment that I am wondering about. See my posts further down for clarification

I consolidated my student loans under the Direct Loan Consolidation program. Total of $65,000.
I made a couple of payments, then got a 1 year deferrment with pretty much no questions asked.
I just filled out the form saying I couldn't pay right now and they said OK.

Is there some limit to how many times you can do this?
I'm supposed to start making payments again in March of next year.
I fully intend to pay them back, and I would like to get it done and over with, but I know I'll be paying for like 20 years.
Since I'm still early in my career, 2 years, I figure my income will be going up each year. I'd like to hold off on paying the loans until I've got my other bills caught up and have a little more breathing room.

Anyone have experience with this?

Thanks.
 
damn 65k in loans ?

I'm currently $0 in loans and I might have to takeout about 3-5k not too sure yet. And I'm kinda worried cuz I hate having debt.

what is the average debt a college student is in ? 30k ?

 
Originally posted by: isekii
damn 65k in loans ?

I'm currently $0 in loans and I might have to takeout about 3-5k not too sure yet. And I'm kinda worried cuz I hate having debt.

what is the average debt a college student is in ? 30k ?
Click to expand...

I have $40k in loans, however my school is pushing $500/credit :frown: Combine that with 20 credit hour terms 🙁
 
Originally posted by: isekii
damn 65k in loans ?

I'm currently $0 in loans and I might have to takeout about 3-5k not too sure yet. And I'm kinda worried cuz I hate having debt.

what is the average debt a college student is in ? 30k ?
Click to expand...

Yeah, it sucks. And I went to state schools. But I got two BS degrees. One in General Science, then one in Computer Science. And I screwed around big time. Took me 7 years to get my first degree. Then I got my act together and spent 2 solid years working my a$$ off to get my CS degree. Borrowed 10K each of those last two years.

But it was worth it. I'm making 52k now (should get at least 5% raise each year) and without the degree I'd be lucky to be making 30. So a couple of years of working and I will break even.

I've been out of school for 2 years now.

 
Originally posted by: isekii
From where should I get my loans ? banks ?
Federal ?

Any suggestions ?
Click to expand...

My loans were all direct government loans, or government guaranteed loans through banks.
Perkins, Direct, Stafford.

 
Originally posted by: iamwiz82
Originally posted by: isekii
damn 65k in loans ?

I'm currently $0 in loans and I might have to takeout about 3-5k not too sure yet. And I'm kinda worried cuz I hate having debt.

what is the average debt a college student is in ? 30k ?
Click to expand...

I have $40k in loans, however my school is pushing $500/credit :frown: Combine that with 20 credit hour terms 🙁
Click to expand...

lucky... ours is 800 a credit
 
does deferring also = interest free? I know you dont have to pay for X long however long you get it deferred, but does interest still accumulate?


If so... ouch!
 
I think most of the Federal are % free, well at least my wifes are, as for going through a bank they will accumilate % just as any loan does
currently my wife has a little over 74K in loans at 3.2%.
 
Originally posted by: Nyical
I think most of the Federal are % free, well at least my wifes are, as for going through a bank they will accumilate % just as any loan does
currently my wife has a little over 74K in loans at 3.2%.
Click to expand...

Right now we have 30k @ 4%, if they are interest free during the defferal period, that may be the way to go for now.
 
Federal Direct loans come in subsidized and unsubsidized varieties. You usually have to meet certain low-income requirements to get subsidized loans. The majority of mine are unsubsidized so interest accrues. And if it's a consolidation loan, I think interest continues to accrue while in deferral.
 
how did you get a deferring w/ no questions asked? i want to do that but they insist i be unemployed or be a half time student. i make 8/hr working 20 hours a week as a waiter, going to school quarter time and still the won't let me defer. crap frigging goverment loans can suck my large gonads!
 
Originally posted by: Buttzilla
how did you get a deferring w/ no questions asked? i want to do that but they insist i be unemployed or be a half time student. i make 8/hr working 20 hours a week as a waiter, going to school quarter time and still the won't let me defer. crap frigging goverment loans can suck my large gonads!
Click to expand...
I think mine was actually a forbearance, not a deferrment. Don't ask me what the difference is.
I don't remember for sure, but I think what I did was the "General Forbearance"


Here is the link.
 
OK, I just checked my account.
It is in general forbearance, not deferrment.
And for general forbearance, there are really no explicit requirements.
You just have to fill out a form stating that you intend to repay the loan but are temporarily unable to make payments. You can get it for up to 12 months. But it looks like you can then reapply for another forbearance, but I'm not sure if they always approve them or not.
I have about 30,000 in subsidized Direct Consolidation loan and 35,000 in unsubsidized Direct Consolidation loan.
If I was in deferrment, which I'm not eligible for, interest would accrue on the unsubsidized portion, but NOT on the subsidized portion.
In forbearance, interest continues to accrue on both.

So my question now is:
Has anybody gotten a General Forbearance on their Direct Loans multiple times? How many times can it be done?
 
Originally posted by: Shanti
OK, I just checked my account.
It is in general forbearance, not deferrment.
And for general forbearance, there are really no explicit requirements.
You just have to fill out a form stating that you intend to repay the loan but are temporarily unable to make payments. You can get it for up to 12 months. But it looks like you can then reapply for another forbearance, but I'm not sure if they always approve them or not.
I have about 30,000 in subsidized Direct Consolidation loan and 35,000 in unsubsidized Direct Consolidation loan.
If I was in deferrment, which I'm not eligible for, interest would accrue on the unsubsidized portion, but NOT on the subsidized portion.
In forbearance, interest continues to accrue on both.

So my question now is:
Has anybody gotten a General Forbearance on their Direct Loans multiple times? How many times can it be done?
Click to expand...

Yup I just extended mine for the second time after a year... as far as I know, there isn't a limit... it's just when you can pay...

BTW what constitutes half time vs part time? I will be taking 2 classes at night for my master's, and I think I could get that called "HALF TIME". I ask this b/c you can get your loans DEFERRED interest free if so... instead of the general FOREBEARANCE where interest accrues...

Rob

 
Originally posted by: SP33Demon

Yup I just extended mine for the second time after a year... as far as I know, there isn't a limit... it's just when you can pay...

BTW what constitutes half time vs part time? I will be taking 2 classes at night for my master's, and I think I could get that called "HALF TIME". I ask this b/c you can get your loans DEFERRED interest free if so... instead of the general FOREBEARANCE where interest accrues...

Rob
Click to expand...

Depends on what the school defines as full-time.
My school was on quarters. They required 180 credits to graduate.
Most classes were 4 credits.
So you had to average 15 credits a term, fall, winter, spring, to graduate.
They considered 12 credits to be full-time and 6 to be half-time.

I would think two classes would count as half-time if they are normal credit classes.

 
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