Student Loan Forbearance

[meegannie]

Is claiming forbearance on a student loan a bad thing?

 

[AngelofLarrydom]

I don't think so....I had to do it once because
I had a lot of bills to pay so I didn't pay for
about 6 months. The downfall is that interest
sill acculmats on your balance.
Plus it won't hurt your credit rating because
you are being "forgiven" for not paying.

Or you can pay like $50 a month too.
you should call them, they are very helpful.

 

[ouizy]

meegannie,

I just PM'd you...

 

[pukebreath]

If you are not delinquent on your loan, you should have no problems. What kind of loan is it?
I know that Perkins Loans automatically grant you 36 months of forbearance. So you can wait to pay. But your interest will still accrue.
Guess who works in student loans? (loser, me)

 

[meegannie]

They're Stafford loans. I've been out of school for 2 years, but I'm going back to get my Masters in the fall. I'm quitting work at the end of May, but I don't start classes until September, so I'm trying to figure out a way that I don't have to pay during the summer since I can't work.

 

[pukebreath]

You should be able to file forbearance, then in the fall, just pay the accrued interest from summer. Then you can file student deferrment and not have to worry about it.

But, be sure to file for student def every semester, or your loan goes delinquent, and that hits your credit report.