School Loan Deferment

[Remy XO]

Im going through some hardships right now (mom gettin in recent divorce, bankrupt, moving back to korea) so im having trouble making ends meet right now. I called sallie maes automated phone system about my loan and it said something about holding off on not paying the loan for awhile. Does anybody know how this works and if its worth it?

 

[PHiuR]

deferment?

 

[Remy XO]

yeah, deferment. sorry didnt hear right

 

[PHiuR]

yeah, call them and tell them that youre having a hard time with $ and they will most likely defer it for you. 6 months maybe.

 

[Remy XO]

yeah i requested a form for deferment but i was already late on payments for 4 months so i dont know if they will give it to me. I really wanted to know if its free of charge or not.

 

[PlasticJesus]

There is no fee.

Over the period of the deferment you will periodically be given an opportunity to pay the interest that has accrued. I think it might be quarterly. You can pay or not; it's up to you.

My wife is on her second 1-year deferment. I forget how much she owes, but I think it's between 8 to 10 thousand and every quarter she gets the opportunity to pay about $30 interest.

It doesn't cost anything to ask. Don't sweat the 4 months behind. There are plenty of folks who are alot further behind than that.

I'm fairly sure my wife didn't call any SallieMae number. I believe it can all be done online and it's pretty quick.

Edit to state that my wife tells me that the form that you probably requested can be found online and it has to be mailed in.