Reply
Established Contributor
Posts: 727
Registered: ‎01-13-2013
0

How many times/years can I defer my Direct loans?

How many times/years can I defer my Direct  loans?

 

I ve done it for 3 times/years already and I need to do it again.

 

Share your stories with me :smileyhappy:

Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Regular Contributor
Posts: 220
Registered: ‎12-18-2012
0

Re: How many times/years can I defer my Direct loans?

You can do it as many times as you need but watch out for the interest capitalization on unsubsidized loans!!!! Every time you come out of deferral and don't pay the interest that has accrued for that time period it gets added to the principal amount you owe. Then you are paying interest on interest and that is throwing money out the window.

 

Ask for longer deferments 6mos-1yr and pay the interest as it accrues even if you can't pay the loan amount, and paying this will not take you out of deferral status.

 

Good luck

 


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 751, EQ5.0 694/ EXv2 667
Goal Score: 700 reached 2/6/2015!!! New goal 800
Cap1 Venture-$4300, QS-$4750,Chase Freedom-$4500,Discover IT - $5600
Store Cards: Vic.Sec -$1250, Walmart-$1650 ,Gap $1600( 3/25/2015)
Established Contributor
Posts: 727
Registered: ‎01-13-2013
0

Re: How many times/years can I defer my Direct loans?

Thanks! I would defenatly do that.

 

if I pay the interest, would it bring my deferent status back to pay as agreed?

Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Regular Contributor
Posts: 220
Registered: ‎12-18-2012
0

Re: How many times/years can I defer my Direct loans?

No, on your credit reports you will still be listed as deferred, even though you are making interest only payments.


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 751, EQ5.0 694/ EXv2 667
Goal Score: 700 reached 2/6/2015!!! New goal 800
Cap1 Venture-$4300, QS-$4750,Chase Freedom-$4500,Discover IT - $5600
Store Cards: Vic.Sec -$1250, Walmart-$1650 ,Gap $1600( 3/25/2015)
Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
Posts: 1,225
Registered: ‎06-09-2008
0

Re: How many times/years can I defer my Direct loans?

The answer is "it depends."  There are many types of forbearance and deferment.  Some are guarenteed (for instance, if you back to an "in-school" status) and some are granted at the discretion of the lender (like a forbearance based on a short-term financial hardship).  Most lenders do set a limit on the number of times you can use each type of deferment/forbearance, but it may vary somewhat from servicer to servicer (especially with those discretion-based options).

 

I would reccomend calling your servicer and asking.  Also, know that your loans are likely accruing interest and that the longer you wait to start paying, the more you will pay and the longer it will take to be debt-free.  It might be a better option to start looking at reduced payment plans, like the graduated plan (if you know your income will improve after a year or two), or the income-based or income-contingent plans.  Your servicer can also tell you about those, and help you determine what your payment amount would be if you qualify.

Established Contributor
Posts: 731
Registered: ‎08-12-2011
0

Re: How many times/years can I defer my Direct loans?

[ Edited ]

Yes. If you are not careful you could run out of deferment and forbearance options. There are consecutive time limits on certain types of options. If you are on economic hardship deferment or unemployment forbearance, then you could run out of options after two or three years of doing them back to back. You need to be careful and talk to your servicer and your guarantor. They will be the only people who can give you a straight answer. You do not want to find out like I did way after the fact. Nelnet gave me zero notifcation as to why my forbearance requests was being denied. I was 6 months behind before I finally found out from a CRS why they were did not grant any of my requests.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.