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Student Loan Deferment Question - Loans mysteriously postponed?

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#1

Posted 11-12-2012, 05:01 PM

waltonma

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Student Loan Deferment Question - Loans mysteriously postponed?

Hi everyone,
I have a question concerning my girlfriend's student loans. She graduated in May 2012 with a B.S. and so her loans were supposed to enter repayment in December/January per the 6 month policy. In September she signed up for 2 online community college classes that are supposed to end in November (they're on the quarter system) She's a non-matriculating student obviously.

She will then be taking a break until their spring semester resumes in February of 2013 and will then take 1-2 more classes. She recently checked her student loan status and on the lender's site (Sallie Mae) they now show a July 2013 repayment date. When she checks the financial aid review on the gov't website it shows repayment to begin in June2014?!!

Could this possibly be accurate???

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#2

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11-12-2012, 06:32 PM

Dr. J is offline

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it's possible. SL's go through a nationwide clearinghouse that automatically takes care of deferments.

A few years ago I had gotten my doctorate and was repaying my DirectLoans automatically via checking account. When I registered for my MBA, the autopayment was automatically cancelled; I called and they said I couldn't have autopayment while in deferment because the payment amount is based on billing/amount due (which is $0 in deferment). I could send in checks.... but no auto payments.

AFAIK there's a 6 mo grace period for repayment after you technically "separate" from the university/college, so if her listed separation date is Dec/2013, Jun/2014 makes sense as a repayment begin date.

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11-12-2012, 06:41 PM

waltonma is offline

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it's possible. SL's go through a nationwide clearinghouse that automatically takes care of deferments.

A few years ago I had gotten my doctorate and was repaying my DirectLoans automatically via checking account. When I registered for my MBA, the autopayment was automatically cancelled; I called and they said I couldn't have autopayment while in deferment because the payment amount is based on billing/amount due (which is $0 in deferment). I could send in checks.... but no auto payments.

AFAIK there's a 6 mo grace period for repayment after you technically "separate" from the university/college, so if her listed separation date is Dec/2013, Jun/2014 makes sense as a repayment begin date.

Thanks for the information. Now if she is presently enrolled in classes that are scheduled to end in November 2012 and is not pre-enrolled for later classes, wouldn't the November date be the seperation date? She's not a matriculating student at the CC. I don't understand how it can be postponed 1.5 yrs! I mean, I don't understand how this can be the case. Also, generally speaking, does the educational deferment "juice" re-start for 6 months every time she's enrolled?

Can I expect this repayment date to be binding or is there any way that they can pull the rug from underneath us and 6 months from now correct it?

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#4

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11-12-2012, 06:44 PM

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Thanks for the information. Now if she is presently enrolled in classes that are scheduled to end in November 2012 and is not pre-enrolled for later classes, wouldn't the November date be the seperation date? She's not a matriculating student at the CC. I don't understand how it can be postponed 1.5 yrs! I mean, I don't understand how this can be the case. Also, generally speaking, does the educational deferment "juice" re-start for 6 months every time she's enrolled?

Can I expect this repayment date to be binding or is there any way that they can pull the rug from underneath us and 6 months from now correct it?

I honestly don't know for sure, just out of experience. I know, for example, even though I enroll for classes on a semester basis, when I enroll in classes that are in a new class year (e.g. when I register for fall classes), my "out of school" deferment dates move a FULL year. So, I registered for classes for this fall, and my separation date is now moved to next May which would put repayment in next November.

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11-12-2012, 07:26 PM

waltonma is offline

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I honestly don't know for sure, just out of experience. I know, for example, even though I enroll for classes on a semester basis, when I enroll in classes that are in a new class year (e.g. when I register for fall classes), my "out of school" deferment dates move a FULL year. So, I registered for classes for this fall, and my separation date is now moved to next May which would put repayment in next November.

This seems like a very lucrative option for subsidized loans then...or am I missing something?

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11-12-2012, 08:02 PM

slapshot136

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This seems like a very lucrative option for subsidized loans then...or am I missing something?

I would assume interest still accumulates while in deferment, and usually once you exceed 150% of the credits required for a degree at a college, you are no longer eligible (depends on what your "degree" is

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11-12-2012, 08:25 PM

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I would assume interest still accumulates while in deferment, and usually once you exceed 150% of the credits required for a degree at a college, you are no longer eligible (depends on what your "degree" is

My understanding is the gov't picks up the tab for the interest on subsidized loans during educational deferments? I've never heard of the 150% threshold - do you have any more info on that?

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11-12-2012, 08:27 PM

slapshot136

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I've never heard of the 150% threshold - do you have any more info on that?

http://financialaid.uc.edu/loans/...imits.html

last section, although there it goes by time.. I thought it was credit-hours

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11-12-2012, 08:29 PM

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http://financialaid.uc.edu/loans/...imits.html

last section

Thanks.

Additionally, the borrower who reaches the 150% limitation will have their interest subsidy end for all outstanding subsidized loans that were disbursed on or after July 1, 2013.

So it sounds like her loans will be grandfathered then based on this. Interesting though

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#10

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11-13-2012, 03:35 AM

Dr. J L10: Grand Master Member sinceNov 2005 Posts20,140 Reputation 2,278 Followers 0 + Give Rep	subsidized loans are great.... I had roughly 50/50% subsidized and private loans from ugrad; I paid off the private loans (9-10% rates!) with subsidized loans under my wife when she went back to school (while I was still in school). I haven't paid interest on the subsidized loans the entire time, and it's been 10 years.
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