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How do I defer student loan?

My student loan lender says they cannot defer my student loans while I am in school what do I do?

  • I have to cut my current hours by 15 hours so I will no longer be able to afford to pay on my student loans and they are going to end up in collections... I already spoke with the loan provider and they said there is nothing they can do (im already on a graduated repayment plan) and the loans are a total of about $500+ per month

  • Answer:

    If you are unable to afford to make payments toward your defaulted loan, you should complete and return a "Statement of Financial Status" along with evidence of your current financial situation, which evidences your inability to pay (i.e. paycheck stub, copies of billing statements) to the servicing agency or the collection agency servicing your account. Based on the information provided, a payment plan which is both acceptable to the agency, and affordable to you, will be established. Good Luck...

Kairan (Kĭ'rŏn) at Yahoo! Answers Visit the source

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You continue to pay on it. It sounds like you can't afford to go back to school right now and need to keep working. PS: going back to school isn't going to get you "management experience" lol. Stay at YOUR JOB AND WORK YOUR WAY UP THE CORPORATE LATTER!!!

Anonymous

Well going back to school would be stupid... you gain experience by working in the field and climbing the "corporate ladder." I have an AS in Business Finance and have one quarter left to finish my BS in B.Admin and I have a great job and have moved up four levels at my company in two years (I started at the very bottom with no experience in this field). Once I obtain my BS, I've been offered an exempt job that comes with a great raise. Why on earth did you borrow 100k for a degree in B.A.? I'll be graduating with 17k in federal student loan debt (no private loans). Your private loans don't have to offer in-school deferment.. and if you can afford to go back to school, you should be using that money to pay off your student loans. Sounds like you need to move home and save money.

spalmer

You can't keep going back to school, and never repay the loans, or sign up for more classes under the auspices of getting your payments deferred till you've decided your done. GET A JOB

You *have* to repay these loans. That means that you cannot afford to go back to school right now. You have to work, and perhaps take on a second, part-time job, until you get your financial house in order. $100,000 in student loan debt is EXTREME. That is highly excessive. Do not take on any more student loan debt for any reason. No more debt at all right now. Do not use your credit cards. Keep your car for decades. Seriously, you are at high risk of default. Unless you make... $200,000+ per year, you are going to face extreme difficulty paying this off, and defaulting on student loans is serious business. You can hopefully use your MBA to advance within your current company, or to qualify for positions (once you get some work experience) that otherwise you would not qualify for. But you are at high risk of default right now. You need to pay down your debt. This is honestly an emergency, and you need to treat it as such.

RoaringMice

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