I need a reason

Discussion in 'Credit Talk' started by mother2, Apr 17, 2001.

  1. mother2

    mother2 Well-Known Member

    to request forbearance. Of course, you all know I'm paying down/off debt, exercising credit, etc...to obtain perfect credit. I need to request 1 yr. Then I'll be ready to pay off these darn school loans. Any ideas on what I should say...or should I say just what I stated above.
  2. mother2

    mother2 Well-Known Member

    Has anyone else requested

    this before? What happens?
  3. marci

    marci Well-Known Member

    Re: Has anyone else requested


    I don't know who your servicer is, but Direct Loans will let you request a
    forbearance w/o a "true" hardship. It's called a general forbearance.

    I still had to give a reason, and I simply said that I wanted to pay down
    other debt for one year. The rep told me everyone gets approved at Direct

    Some servicers only allow forbearances if you can demonstrate a real
    financial hardship (which is a tough standard to meet). If your servicer
    is really strict with forbearances, you may want to consolidate your loans
    to Direct Loans and then get a general forbearance. I think Direct Loans
    is the best servicer to go with anyway - for a variety of reasons.

  4. Karen

    Karen Well-Known Member

    Re: Has anyone else requested

    Be careful. The federal loans,Stafford, gave my son a forebearance just for the asking.

    But, Plato Education loans took over four months to review his request for an extension. They told him he did not have to pay the monthly payments while the request was pending. After four months, they denied the request for forebearnace because he had not made payments for four months, then defaulted him on the loan. These people are ruthless. Don't trust them.
  5. newhouse

    newhouse Guest

    Re: Has anyone else requested

    Another option that may work, depending on your total loan balance, is to go for an in-school deferrment instead of a forbearance.

    Check tuition costs at your local community college. If tuition for those classes divided by 4 (4 months per semester) is less than your monthly payment then you come out ahead.

    It doesn't matter what classes you take, or what your grades are. The best thing is that while interest continues to accrue during a forbearance, it does not during defferment. Also, my mortgage lender did not factor in those loans that were in deferrment when approving me for a loan.
  6. mother2

    mother2 Well-Known Member

    Re: Has anyone else requested

    Great! I was wondering how my student loans will impact a mortgage.
  7. Shantel

    Shantel Well-Known Member

    Re: Has anyone else requested

    I have my student loan through Sallie Mae and I've had 2 foreberances (6 months each). The first time I said I was going through a divorce (which I was) and the second time I think I said I'd been sick and off work. They only give for financial hardship but that's all they asked me and I got it. Not hard at all.

    I was thinking of getting another one (haven't had one in over a year) so I could pay down my debt.

    I think if you find out under what circumstances they grant foreberances then you'll have some direction. From my understanding, Sallie is hard on people and if they let me go (i.e. no documentation to support my claims, etc), then say whatever is believable and go for it.
  8. mvfl

    mvfl Guest

    Re: Has anyone else requested

    The school idea could work, but it would only benefit you if the tuition is less than the INTEREST you'd be charged for those 4 months. Unless your interest is extrememly high (which I doubt) then it wouldn't be worth your while. I'm sure you will get the forbearance - I always have. Just use the reason you stated.

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