Established Contributor
Posts: 731
Registered: ‎08-12-2011
Re: looking for a student loan
[ Edited ]

I'm not sure why you are talking about the loan going to collections already. You have 6 months grace period after leaving/graduating school before loans are due. You also have several options to postpone or modify repayment on government loans. Deferment, forbearance, income based payment plan. The whole idea that you are contemplating collections before attempting to make a payment or agreement makes no sense. Before collections you have a 30, 60, 90, 120, 150, 180 and more late payment remarks. I think federal loans don't default till after 240 days late or something ridiculous like that. All that aside, before you even get a late payment, call the servicer and make arrangements. 

 

Edit: never mind. I see now that you are talking about a balance due to the school that has not been paid for a semester that has already ended. I would ask the school when payment is due. Are you taking spring classes? I would try to get a loan for spring that covers $1000 more than your spring tuition and use that extra. I have never heard of a retro student loan.