student loan payback question

iVillage Member
Registered: 05-09-2005
student loan payback question
6
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
iVillage Member
Registered: 01-06-2005
Sun, 01-15-2006 - 11:33pm

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~

 

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Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Mon, 01-16-2006 - 12:57am

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

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Sincerely,
Lindsey Schocke

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iVillage Member
Registered: 05-09-2005
Mon, 01-16-2006 - 2:02am
Hi,
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
Avatar for skthurber
iVillage Member
Registered: 03-27-2003
Mon, 01-16-2006 - 2:56pm

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


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iVillage Member
Registered: 05-09-2005
Tue, 01-17-2006 - 10:05am
Hi,
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
iVillage Member
Registered: 03-24-2004
Tue, 01-17-2006 - 10:07am
Yup you can pay. I think they want you too. Thanks for the reminder, I should try to pay something towards mine.
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