Direct Loans Forebearance

ReBuildingAgn · ‎01-26-2012

I've only used my loan forebearance for 1 year intervals. Is it possible to defer then for longer at one time? For example, if I called and asked to defer my loan for 36 months, will they laugh at me???

;Starting Score: Low 500s FICO Aug 2008
Current Score: EQ 668 EX 723 TU 723 (All FICO)
Goal Score: 720s Across the Board! Almost there!
Cap1 NHR ($1250), GE Rooms2Go ($4k), WalMart Discover ($3250), Barclay's Rewards MC ($2k), Amex BCE ($5K), Kohl's ($1K), Chase Freedom ($3K), Discover More ($1K)

laz98 · ‎01-26-2012

I don't think they'll laugh, but no, I don't believe you can defer for longer than a year at a time. Keep in mind, that you probably do not have unlimited forbearances. Is there an urgent reason that you want to put off repayment for so long?

ReBuildingAgn · ‎01-27-2012

I'm in the process of buying a house and the bank will not factor in student loan payments if they are 36 months from repayment. It was a long shot, but I was just wondering. My payments aren't really that bad, but just wanted to know if anyone has ever done that.

;Starting Score: Low 500s FICO Aug 2008
Current Score: EQ 668 EX 723 TU 723 (All FICO)
Goal Score: 720s Across the Board! Almost there!
Cap1 NHR ($1250), GE Rooms2Go ($4k), WalMart Discover ($3250), Barclay's Rewards MC ($2k), Amex BCE ($5K), Kohl's ($1K), Chase Freedom ($3K), Discover More ($1K)

MBOhio2 · ‎01-31-2012

Nope, Direct Loans only does forebearances in 1-year increments. You just have to keep renewing if you need longer than that, which I understand won;t help you for mortgage purposes, but that's their rule.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)