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 Posted: Thu Sep 06, 2007 6:53 pm Subject: Forbearance/Deferrment |
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Someone told me that you can take advantage of the forebearance/deferrment option for many months, is this correct? I have had my loan in forebearance for almost 2 years, everytime it comes due, I apply again and they grant it to me. Just wondering.
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| Posted: Thu Sep 06, 2007 7:07 pm Subject: |
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I would think that at some point they are going to deny you  . Why are you deferring or forebearing your loan? Are you still in school or unemployed.
ladybug
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ladybug
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| Posted: Fri Sep 07, 2007 9:40 am Subject: |
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What kind of loans do you have?
You will be eligible for a deferment or forbearance on the Federal Consolidation Loan as long as you meet the eligibility requirements. Be aware that if you consolidate the student loans, you might lose some of the deferment options.
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BKP
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| Posted: Fri Sep 07, 2007 1:54 pm Subject: |
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Forebearance and deferment are two different things. Deferments on federal loans are rights...you are entitled to three years for unemployment, financial hardship, illess etc. They do not go on forever. You need to meet certain conditions.
Forebearances are "administrative" and done as a courtsey. They do not have to grant them. Keep in mind that interest does continue to accrue during this period.
Check out your lenders website for exact wording.
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SOAPLADY
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