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Student loans - Extended forebearance needed - HELP!
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penelope
LIF Zygote
Member since 7/12 11 total posts
Name:
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Student loans - Extended forebearance needed - HELP!
My largest student loan has been in forebearance for three years it expires next month and I'm still not in a position to pay it. Does anyone know if they will extend the forebearance? I called ACS and requested an extension, but the operator really couldn't tell me what my chances were of getting it... I'm a little nervous too bc I read that three years is the max for the life of the loan! I need more time. Masters degree from a private university and still not makinf enough. Anybody do this and get accepted or denied? TIA
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Posted 7/19/12 9:07 PM  |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Student loans - Extended forebearance needed - HELP!
Apply for the income contingent payment it's what I did. I'm in the same boat. My student loans are killing me and dh. Cumulatively I think I've used up my 3yrs but I always pay for a couple of months then claim a hardship and forbear again. The loan isn't going away unfortunately. You may way to try taking 33% of bonuses, tax returns whatever and throwing it at the loan. Good luck. What I also find helps is paying in increments. I divide whatever I have to pay for the year by 52 since its a fixed payment and pay everyweek. But my payment is almost $500 a month so it works for me.
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| Posted 7/20/12 7:34 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Student loans - Extended forebearance needed - HELP!
You're only real option is to see about income based repayments like the PP said.
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| Posted 7/20/12 7:58 AM |
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Student loans - Extended forebearance needed - HELP!
I do a graduated payment. The payment is very affordable.
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| Posted 7/20/12 8:03 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Student loans - Extended forebearance needed - HELP!
I just caught that you said "largest student loan". Have you looked into consolidating? That may lower your payment.
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| Posted 7/20/12 8:50 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Student loans - Extended forebearance needed - HELP!
Posted by tarabelle99
I just caught that you said "largest student loan". Have you looked into consolidating? That may lower your payment.
I agree. Consolidate your loans. Once you do that and the payments are still too much, extend the loan payment out. I originally had a 10 year repayment plan but needed to extend it to 15 years once the graduate plan portion expired.
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| Posted 7/20/12 9:06 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Student loans - Extended forebearance needed - HELP!
Definitely look into consolidating. Do not consolidate your federal with your private. Do them separate. Also look into the payment options.
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| Posted 7/20/12 10:29 AM |
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