How Many Times Can You Defer Your Student Loans?
“I just completed grad school a few months ago. I have consolidated my student loans from both my undergrad and grad school. The time has come to start repayment on my student loans. However I’m going to have trouble with my repayment even with the consolidation. I am contemplating either deferment or forbearance. How many times can you defer your student loans?”
You’ve recently completed graduation and may have already completed your loan exit counseling. Your student loan repayment will start immediately or in about 6 months depending on the type and terms of your loan. Finding a job immediately after school might not be a luxury that all people will have and soon the reality of making your loan payments will start to hurt.
It is often at this juncture that students will think of consolidating and or look at loan deferment as an option to buy themselves a lower rate of interest and monthly payment or as in the case of loan deferment, some additional time.
Loan deferment is a process where the lender and you agree to hold off payments for a fixed period of time thereby giving you the additional opportunity for sorting out your finances. Lender’s will always be willing to work with you to avoid delinquency, the lender in this case since it is a federal student loan, is the U.S Government.
Typically you have close to 36 months where you can defer your federal student loan. This deferment period can be taken in either 6 months or 12 months increments. So if you should choose to go the 6 month route, you will be able to defer your loan 6 times, each time for a period of 6 months.
In the case of private loans, the term and the number of times is usually specific to a particular lender and contacting them is your best option.
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As long as you qualify for a deferment you can continue to take it. After consolidating the rules for deferments might have changed so each time you think you might qualify for a deferment ask your lender. Forberances are were you accure interest on all parts of the loan but do not have to make any payments can be taken quite frequently too as long as you qualify and keep within the lenders restrictions.
I’ve heard of Doctors that never repay their loan. They keep putting them off several times.
there is a economic hardship which can extend 4 years, there is an interest only payment that last 2 years.. There is a income sensitive (u pay a percentage of ur income) this can go 4 years I think.. Then u have some for illness, unemployement or underemployment… I would say probably 20 years if u qualify for all the deferments.. And if u ever get sick and become disabled they will write them off and cancel the debt.
[...] forbearance. This will give you some respite and time that you can use to work out your finances. How long can you defer your student loan will depend on if it is a private student loan or a federal loan. The maximum deferment period for [...]