Forbearance Question

[Toy80]

I have federal direct loans that are currently in forbearance until 2/2011. I plan on doing another forbearance but my question is how many forbearances are allowed. I know generally it is 3 years but some websites say there is no limit. Does anyone know? I put my loans in forbearance bc I bought a house and loan company requires putting them in forbearance for 12 months but now I need to buy a car and need to defer for at least another 3 years. Is this possible?

 

 

Never mind I just caught Direct Loans as they were about to close and she advised me forbearances are unlimited. Deferments are only 3 years.

Edited August 7, 2010 by Toy80

[LynnInMN]

I have federal direct loans that are currently in forbearance until 2/2011. I plan on doing another forbearance but my question is how many forbearances are allowed. I know generally it is 3 years but some websites say there is no limit. Does anyone know? I put my loans in forbearance bc I bought a house and loan company requires putting them in forbearance for 12 months but now I need to buy a car and need to defer for at least another 3 years. Is this possible?

 

 

Never mind I just caught Direct Loans as they were about to close and she advised me forbearances are unlimited. Deferments are only 3 years.

 

 

You do realize with forbearance your interest is accuring and will captialize. Forbearances are not really unlimited....they are administrative, at the discretion of the lender. Having to buy a car is not a reason to grant one.

[Toy80]

I have federal direct loans that are currently in forbearance until 2/2011. I plan on doing another forbearance but my question is how many forbearances are allowed. I know generally it is 3 years but some websites say there is no limit. Does anyone know? I put my loans in forbearance bc I bought a house and loan company requires putting them in forbearance for 12 months but now I need to buy a car and need to defer for at least another 3 years. Is this possible?

 

 

Never mind I just caught Direct Loans as they were about to close and she advised me forbearances are unlimited. Deferments are only 3 years.

 

 

You do realize with forbearance your interest is accuring and will captialize. Forbearances are not really unlimited....they are administrative, at the discretion of the lender. Having to buy a car is not a reason to grant one.

 

 

I know they are done at the lender's discretion. I pay my interest while they are in forbearance state. I was just reporting what Direct Loans informed me in regards to forbearances. I am not out to milk the system. I pay what I borrow I just needed to know my options and my question was answered by the customer service rep at Direct Loans.