Deferment Extension? Forum
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MajorKong
- Posts: 7
- Joined: Sat Mar 08, 2014 11:34 pm
Deferment Extension?
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Last edited by MajorKong on Sun Jun 29, 2014 1:07 am, edited 1 time in total.
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wealtheow
- Posts: 1034
- Joined: Wed Dec 21, 2011 1:45 pm
Re: Deferment Extension?
im assuming you have a stafford?
you can apply for deferment, but it will only be granted if you fulfill the requirements.
if you have a job and are making above minimum wage, you will probably have a hard time qualifying (unless you have cancellation qualifying employment, such as teaching, etc.).
similarly, a forbearance, while easier to get, is usually reserved for extenuating circumstances. you would need to write a compelling letter explaining why it would be difficult for you to pay over the three or so months.
and remember, you will still be responsible for a bulk interest payment at the end of the forbearance period. so you're essentially letting your loan sit there accruing interest for three months, with none of your payment hitting principal.
neither will negatively affect your credit if approved.
you can apply for deferment, but it will only be granted if you fulfill the requirements.
if you have a job and are making above minimum wage, you will probably have a hard time qualifying (unless you have cancellation qualifying employment, such as teaching, etc.).
similarly, a forbearance, while easier to get, is usually reserved for extenuating circumstances. you would need to write a compelling letter explaining why it would be difficult for you to pay over the three or so months.
and remember, you will still be responsible for a bulk interest payment at the end of the forbearance period. so you're essentially letting your loan sit there accruing interest for three months, with none of your payment hitting principal.
neither will negatively affect your credit if approved.
