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Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

what to do

I went to college for awhile, and then I took a "break" (long story). I started school back up last january. I got Chase (who holds my student loans) to defer, but according to my account the defferement ends in 2014, but I won't be anywhere near done with my degree by then. Is it in the realm of possiblity to get them to defer until I'm actually out of college?

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Re: what to do

Are they private student loans?  (And it sounds like they may be, I don't know if Chase ever handled federal loans.)

 

If so, you'll have to talk to Chase.  Your loan terms may include an automatic deferment while in school, or they may have some kind of discretionary deferment that you can apply for.  But, many private loans don't go back into deferrment when you go back to school, so be aware that you may need to consider what you'll do if that's the case.

Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

Re: what to do

Yeah they are private, and they already went back into defferment when I went back into school. I'm just wondering if they are going to give me more than two years of deferment.

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

Re: what to do

bump

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
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laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: what to do

Usually your loans are deferred as long as your in school at least half-time.  I don't think there is a specific time limit for how long you can be in school; I don't know anyone that has tested that limit :smileywink:  As long as you are in school, & making sure that your loans are deferred, I wouldn't worry about it.

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Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

Re: what to do

[ Edited ]

Well as it turns out they will not renew my defferment past 2014 even though I've only been back in school for half a year now. I'm not real sure what's the best thing financially to do here, or if there is anything I can do. I'm disabled I live with my mom, and she's moving out so I won't be able to pay the extra 231 out. I'm not sure, but I think it's possible to work part time at minimum wage and still maintain my full disability check. I could take out extra government loans to pay for the other loan. Sounds stupid on face value, but I only have so many options. Could possibly move closer to school. If I moved in these one apartments I'd still be able to get access to the internet from school for free since the apartments are so close. So that'd save money on internet and gas, but I'd have to find a way to get my stuff moved up there. I don't know if I could get anyone to help. What do you all think? Care to brainstorm with me?

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
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Re: what to do

I think an important question to consider is whether being in school full-time is the best thing for you right now, and also if the degree you get will allow you to pay off your loans when you finish.  I don't know what the situation with your disability is, but could you take another semester or two off and save enough money by working full-time to finish your school and make the payments?  Again, that depends on your ability to earn enough over the amount of your disability check to make that all work.

 

Other possiblities include a cheaper school, and searching out scholarships that might help you cover living expenses, etc. so that you can make the loan payments.

 

Can you seek assistance at your school?  Maybe a club or some of your classmates would be willing to help you move?  You could also look for friendly room-mates to bring down your living expenses and help you get moved in.

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laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: what to do


tooyoungforbadcredit wrote:

Well as it turns out they will not renew my defferment past 2014 even though I've only been back in school for half a year now. I'm not real sure what's the best thing financially to do here, or if there is anything I can do. I'm disabled I live with my mom, and she's moving out so I won't be able to pay the extra 231 out. I'm not sure, but I think it's possible to work part time at minimum wage and still maintain my full disability check. I could take out extra government loans to pay for the other loan. Sounds stupid on face value, but I only have so many options. Could possibly move closer to school. If I moved in these one apartments I'd still be able to get access to the internet from school for free since the apartments are so close. So that'd save money on internet and gas, but I'd have to find a way to get my stuff moved up there. I don't know if I could get anyone to help. What do you all think? Care to brainstorm with me?


This is not a good idea.  At some point you will have to pay back all of these loans, & you won't be able to borrow indefinitely.  You don't want to dig yourself into a hole you won't be able to escape from.

 

If you were still eligible for federal loans, why didn't you exhaust that option before taking out private loans?

 

How much more schooling do you still have that you need to pay for?  Can you do online courses to avoid the cost of moving to the campus or at least closer to the campus?  As someone else already asked, is the degree worth however much you are going to have to put into it?  (I'm not judging you, I really overpaid for my degree, & I'm reminded of it every month as I'm paying my student loans.)

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Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

Re: what to do

the private loan was for another school and another degree. I wasn't eligible for federal loans at the time. I have nine years left of school, and yes my degree will be quite lucrative.

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Valued Member
tooyoungforbadcredit
Posts: 41
Registered: ‎07-06-2012

Re: what to do

Also, I'm not looking at spending 18 years of college instead of 9, so working full time is not an option.

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13

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