student loan payback question
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student loan payback question
| Sun, 01-15-2006 - 7:41pm |
Hi,
Can you pay on your student loans while they are in "hardship forebearance" -- or does that automatically take you out of forebearance. I'd like to pay something during this time, otherwise they just add the interest to the principal, and I'll owe lots more at the end of the year. I thought things just stopped, but now I understand that the interest keeps getting added on each month. I wonder if I could pay the interest or if that is a really bad idea.
Any ideas? P.S. I looked on the debt question and answer board, but it doesn't seem to be very active, and I'd really like some ideas now if you folks have some.
Thanks!
Megan
Can you pay on your student loans while they are in "hardship forebearance" -- or does that automatically take you out of forebearance. I'd like to pay something during this time, otherwise they just add the interest to the principal, and I'll owe lots more at the end of the year. I thought things just stopped, but now I understand that the interest keeps getting added on each month. I wonder if I could pay the interest or if that is a really bad idea.
Any ideas? P.S. I looked on the debt question and answer board, but it doesn't seem to be very active, and I'd really like some ideas now if you folks have some.
Thanks!
Megan

Megan, that is a great question! I have no clue, though! ha ha Call and find out! I am on deferrment as I am still in school, but I get quarterly statements, and I always pay AT LEAST the interest, so it doesn't compound...but not sure exactly how it works if you are using a hardship forebearance.
Let us know what you find out!
~Aravis~
Hello,
I too have paid interest during deferment, because it keeps the balance the same while I'm taking classes, instead of rising with the interest. You may want to call the Student Loan customer service number appropriate for your loan and ask. Just asking the question isn't going to take you off "hardship forebearance". =)
Sincerely,
Lindsey Schocke
Got Dot? Why Not? It Pays!
http://2-b.us/?i=33801/ivillage
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Thanks for the information. I'll call them on Tuesday -- I think that if it's ok to do it I should try to pay the interest or I'll really be sorry when I see the new balance!
Megan
Yes, give them a call. I have had loans in forbearance in the past, and paying the interest was actually encouraged. I believe I even got a quarterly statement for some of them.
-Sarah
Sarah
Mom to Gina & Tony
Yes you can pay during forbearance -- I called the loan people this morning. So, I'm going to pay what I can to prevent this from going up even more. At least it takes the total anxiety away since if I miss paying nothing terrible is going to happen!
Megan
Kelly