GLHEC - Not eligible for deferment

[sparklediamant]

A word of warning to those taking out private loans through Great Lakes Higher Education Corporation.

 

If you withdraw from school, even for ONE TERM + Summer while you get your stuff together or just need a break, you will no longer qualify for a deferment, even if you are enrolled in school full time.

 

Also, they probably won't tell you this until it's too late and payment is due. I'm so mad I could spit nails! I just wanted to scream "Hey dipstick!! I'm a full time student working part time, do you honestly think I can afford it?!?!"

[LynnInMN]

Most of the private loans I just looked at discuss educational deferment in terms of "consquective terms or years". Taking a term or semester off is considered withdrawal. It is not just GLHEC. Did you read you loan docs???

[sparklediamant]

I did, but I guess just not well enough. I was probably too thrilled at the prospect of my tuition being paid to notice that little tidbit. *sigh* Well, now I know.

 

Thanks Lynn! You're very helpful!