Deferring Payment on Current Student Loans

[BigRig]

I was wondering if anyone knew when one is able to begin deferring payments on existing student loans, per going back to law school? Also, what documentation do they need to verify that in fact one is going back to school?

Thanks!

[Law2k6]

It varies by lender, I suspect. Nelnet has a form you can download and fill out. I can't speak for other lenders.

[thenextstep]

For my lender (Great Lakes) literally it was just calling them and letting them know where I was going.  They then check on it themselves I suppose.  But I'd call the lender because they typically have good customer service (since you can shop around for a new lender if they are jerks).  It's probably possible to defer at least a month before you start school again (I'm assuming you are already paying now and want to stop while in school; if you are not yet out of the grace period, then they can immediately defer you).

[greengrl]

Are these private loans or government loans? If they are Direct or Perkins or any of those great gov't loans you can start deferrment when you start school. If you want to push off payment for the summer you can throw them into forebearance but you will accrue interest even if they are subsidized loans, unless you qualify for another kind of deferral (economic hardship (limited to twenty four months over the course of the loan) ) etc....

if they are gov't loans and you want more info, ask away--I just took care of all that this week

[Momo09]

for Stafford, there is usually a form you have your regiatrar fill out and send back.  I think the actual deferral date is the date the term officially starts.

But note, if you can't make payments in the Summer, just fo what Greengrl says, and get a forbearance -- interest accrues, but will not damage your credit. 

[BigRig]

Thank you so much for your help, ladies in particular. The majority of my loans are consolidated through Sallie Mae and it appears that FSU is a school that participates in the National Student Clearinghouse's paperless deferment process, which means I won't have to do a thing for deferment (Sallie Mae is automatically notified when one registers for classes). My other loan (private and through my undergrad school) requires a formal application process, notary, etc. I believe I qualify for forbearance for Sallie Mae but will not for private loan (certain type of debt to income level is not high enough and I am employed).

On a side note, I truly hope the girl I end up with is as financially savvy as you all, I hate managing debt and try to avoid it at all costs!  Unfortunately, law school requires it. Again, thanks for the help.

[mizzmj]

The majority of my loans are consolidated through Sallie Mae and it appears that FSU is a school that participates in the National Student Clearinghouse's paperless deferment process, which means I won't have to do a thing for deferment (Sallie Mae is automatically notified when one registers for classes).

My law school just told me that they're a member of Clearinghouse, as well. However, they also told me that if I wanted to (in addition to the automatic electronic filing) have a hard-copy on file with my lender, I could bring in a deferral form to the registrar's office during orientation and that they would send it out as soon as classes began. I imagine it would be, more or less, the same for your institution.