You can apply for forbearance now, but remember that if you do so, interest will continue accruing during the time you are in forbearance. There is also a limited amount of time (number of months) that you can use forbearance over the life of the loan, so carefully consider if you might need it after you graduate instead of now.
Either way, it's a good idea to call your loan company to discuss your options.
Yeah, sorry. You have to wait.
Usually your loans will not go back into forbearance until you actually start attending classes or the semester officially starts. You may be able to talk to your loan company and ask them for a grace period. Most of them are very understanding and helpful. At the very least you could probably get them to reduce your monthly payments, which would allow you to save more.
The previous poster is correct.
Call loan company for a short grace period then wait until January to apply for forbearance.
You must wait. Once you are enrolled you can actually defer them. Get your financial aid office on your side, they will let you know things you never knew about loans, grant, and scholarships.
http://www.salliemae.com ( For student loans)!!
http://www.iefa.org -------> International Students on the web <----
http://www.about.com --->Great search engine and information site for everything <---
http://www.ed.gov/index.jhtml --> Dept. of Education for any questions<--
Please go to the Department of Education for more help and a list of student loan foundations.
I obtained these website from my community college in which I attend. If you start paying your student loan while in school you can claim it on your taxes. Also I pays towards the interest. Right now interest rates are 6.8% fixed.
I wish you the best.
Clarification regarding GRACE PERIOD...your grace period only exists one time for 6 months (9 months for Perkins) after graduation or you drop below 1/2 time. Once your grace period has expired and loans have entered repayment, you are not eligible for grace again. If you go back to school, you will need to apply for an in-school deferment (but unfortunately, yes you will have to wait until January). There are other options available to you right now to postpone payments...either a forbearance or deferment. Your unsubsidized loans will continue to accrue interest during these periods and get added to your principle balance either quarterly or when you go back into repayment. You do have a limited amount of time these options can be used, so use wisely! Something like 2 or 3 years depending on the circumstance, but I'm not positive. Call your lender, ask them whatever you want to and don't feel you can't turn to them for advice...most lenders are very understanding about these things and have the knowledge and resources to give you the most appropriate information for your individual situation and needs.
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