My husband graduated on May 15. He has been sending out 50+ resume's/apps per week and hasn't even had a phone call. We had assumed that he'd be able to find a job within three months of graduating but since he's not had a single interview we're starting to get nervous. It's entirely possible that he will find a job before is loan payments start but, given the economy, I'm not willing to bet on it.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
Full Version: When can we request deferment?
QUOTE (iggster @ Jun 7 2009, 08:20 AM) 
My husband graduated on May 15. He has been sending out 50+ resume's/apps per week and hasn't even had a phone call. We had assumed that he'd be able to find a job within three months of graduating but since he's not had a single interview we're starting to get nervous. It's entirely possible that he will find a job before is loan payments start but, given the economy, I'm not willing to bet on it.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
What type of loan?? Federal or private?
All this information is on his prom note and his lenders website. He needs to start reading.
QUOTE (iggster @ Jun 7 2009, 09:20 AM)
My husband graduated on May 15. He has been sending out 50+ resume's/apps per week and hasn't even had a phone call. We had assumed that he'd be able to find a job within three months of graduating but since he's not had a single interview we're starting to get nervous. It's entirely possible that he will find a job before is loan payments start but, given the economy, I'm not willing to bet on it.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
Most, if not all, student loans have a 3 - 6 month grace period. Sallie Mae lets you request deferments and/or forebearances 30 days before your first payment is due. This gives you plenty of time for it to be processed without risk of messing up your credit. Not sure who your lender(s) is/are, but I am sure they may have a similar policy in place. You should also look into consilidation before you defer. I consolidated my loans, but I had to wait for them to go through their grace period first and then they were consolidated and then deferred. I'm not an expert, just someone that's been there before and hopes that my experience/info helps! Good luck!
Yes you can request deferment before repayment begins only if you CALL THEM they will be able to help you out especially in this current economy...
yes bld08 is right..depends on who loaned you the money...Salliemae forebereance 3 months (private loan) and Deferment 6months(Federal loan).
good luck
yes bld08 is right..depends on who loaned you the money...Salliemae forebereance 3 months (private loan) and Deferment 6months(Federal loan).
good luck
Also, if you can maintain enrollment in community college (take ANYTHING) for six units, you can defer indefinitely.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
QUOTE (direred @ Jun 24 2009, 06:48 PM)
Also, if you can maintain enrollment in community college (take ANYTHING) for six units, you can defer indefinitely.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
Really? Even if you have a degree?
QUOTE (iggster @ Jun 7 2009, 06:20 AM)
My husband graduated on May 15. He has been sending out 50+ resume's/apps per week and hasn't even had a phone call. We had assumed that he'd be able to find a job within three months of graduating but since he's not had a single interview we're starting to get nervous. It's entirely possible that he will find a job before is loan payments start but, given the economy, I'm not willing to bet on it.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
Is it possible to request deferment before repayment begins? I don't want us to miss payments and have the negative credit hit us. But there's no way we can pay on it.
What if he gets a job waiting tables? We'd barely be able to survive but it would be some income. Would we no longer qualify for deferment?
I want to make sure that remain in good standing with his student loans and are proactive with the situation. Any insights, advice or links for research would be greatly appreciated.
I'd ask about a "financial hardship" deferment if you get to that point.
QUOTE (Q-gal @ Jun 25 2009, 10:15 AM)
QUOTE (direred @ Jun 24 2009, 06:48 PM)
Also, if you can maintain enrollment in community college (take ANYTHING) for six units, you can defer indefinitely.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
Sucks to be continuously enrolled in school, but it did get me through the dot bomb era mostly intact.
Really? Even if you have a degree?
Yep. I have a bachelor's and a master's.
Now, it may be that enrolling in community college won't save you over your loan payments -- that's a different problem, though.
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