Law School Discussion

UG student loan advice

UG student loan advice
« on: June 21, 2008, 06:05:47 PM »
I will be going to law school on a full scholarship. I have about 44 thousand in existing loans, split between federal loans and private loans. The private loans are split between 3 different lenders, and total around 25 thousand. I gruduated in January so they are coming due soon.

What are my options for managing these? Would it be wise to consolidate the private loans and then forbear until law school starts?

If I forbear, what is the process i have to go through?



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Re: UG student loan advice
« Reply #1 on: June 22, 2008, 12:24:25 AM »

I am in the exact same boat as you UG loan wise (although i sadly will not be attending LS on full scholarship, congrats there!) 

Unfortunately all my loans came due for first payment in July and due to needing money for moving expenses etc, I had to apply for forbearance on all of them (like you I had a lot of different loans so it would have been a huge payment).  I looked into consolidation but all federal direct consolidations are postponed until July 1st (and then need 30-60 days processing time if you apply then) so that was out of the question for now.  As far as private loans, those are hard to consolidate too.  Very few companies are still doing those (and watch the terms because a few do not allow in school deferment). 

My advice, if you have the money to make payments, request smaller payments or make them into you return to school.  If you don't have the money, start calling for forbearance now. Its very easy to get but some of them you need to send a form in etc. try to fax it if possible to speed processing.  HTH