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do i want a forbearance or a deferment on my loan?

Robot J

Robot J

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Joined
Aug 6, 2004
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350
Location
pittsburgh area
so i decided to take this fall semester off and my loan company wants me to start paying off my loan. i will be going back to school in the spring but i'm looking to get some sort of delay on having to pay this. do i want a deferment or a forbearance? i'm confused.
 
That depends... is it a private loan or federal? There's different criteria for each. Also different criteria for a deferment vs. forbearance. I would ask your lender to see which one you qualify for.
 
I dont have too much experience with loans. I just know my loans dont need to be paid upon until 6 months after graduation. I would go right away to your financial aid counselor in school OR call your lendor up directly.
 
i've gotta warn you, the whole "fall semester off" is the one event that i can trace the beginnings of my life going to hell back to.

i'm not saying you're irresponsible and can't manage it, this is just a warning.

i used to be responsible and had 34 hours credit in mechanical engineering.

now i have one foot in a jail cell and the other probably in the graveyard.

oh, and as for your question, i'd take deferment.
 
igotthatwork said:
i've gotta warn you, the whole "fall semester off" is the one event that i can trace the beginnings of my life going to hell back to.

i'm not saying you're irresponsible and can't manage it, this is just a warning.

i used to be responsible and had 34 hours credit in mechanical engineering.

now i have one foot in a jail cell and the other probably in the graveyard.

oh, and as for your question, i'd take deferment.
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wow man that's fucking horrible. i'm staying out of trouble and trying to stay on the right path.
 
I have taken time off from school. If I could go back and do it again...I wouldnt take the time off BUT I did go back. It just takes dedication and knowing your goals.

igotthatwork- I hope things get better for you.
 
I took a semester off and had no problems. It was boring working a shitty job but I ended up paying off like 8 grand of my loans which really helps for when I graduate. I just took deferment and so now I will have to start paying back as soon as i'm done but its not a big deal.
 
someone asked the question of the type of loan this is.

that's a necessary question to answer before i can give an answer (i've worked for Sallie Mae, Nelnet, and ISM for a total of 10 years, so I've plenty of experience in student loans)...

generally speaking, tho', if you're eligible for a deferment and the loans are Subsidized -- do a deferment.
 
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