As your grace period is nearing completion, then apply for your deferment or forbearance.Be sure to allow sufficient time for the servicer to process your request.But what some borrowers don’t know, is there are relief programs available to help them pay off their loans without resorting to eating ramen noodles every night AFTER you leave the dorms.The first stop to get some loan relief is to talk to your lender.If you have private student loans, as 13% of student loan recipients do, you can negotiate with the banks to try and lower or freeze your interest rate, which will hopefully bring the payment down to a more manageable level.If you have federal student loans, you can talk with your lender about applying for a deferment or a forbearance for a few months, or until you get back on your feet.
Once repayment begins, a borrower is entitled to a deferment if he or she meets the requirements for one.
A deferment is a temporary suspension of loan payments for specific reason, such as re-enrollment in a university, military deployment, unemployment, or economic hardship.
The student loan lenders are usually helpful with this application process and, under certain circumstances, can grant deferments over the phone.
This set of frequently asked questions is the result of real questions posed by graduating students at Midwestern University. You are eligible for a medical / dental forbearance when going into an approved internship or residency. If so, does it benefit us more to do an alignment forbearance first or just proceed with the intern/resident forbearance? Once you are ready to begin repaying your loans it makes a lot of sense to bring your loans into alignment just to simplify life. Unfortunately, there are no deferments for your child's situation.
It has been organized into nine different categories; as additional topics are developed, more content will be added. You may find it easier to use your servicer's website to apply or download an application. We'd suggest getting the internship or residency forbearance in place first; while you may want to discuss the alignment forbearance, you will probably want to do this later. Do the Grad PLUS loans disbursed prior to July 1, 2008 qualify for the residency deferment? You might call your servicer, explain the situation and then see if there might be some forbearance options that might be granted.