Another option
Submitted by rachael on Fri, 11/04/2005 - 7:46pm.
There is an In School Deferment that does not have a time limit. So, if you enroll at least half-time in some school for the rest of your life,,,
The new bankruptcy law requires that borrowers show proof that the outstanding debts will cause undue hhttp://studentloanslave.org/?q=node/7ardship. That's going to be hard to prove for many if they're still relatively young.
I've been unemployed for about six years because of a mental illness/emotional condition, and have utilized various deferment options available through my bank. I feel like I'm running out of options if I'm still unable to find and hold on to a job.
I did the same thing
I was in forbearance and deferment for 7 years and Salliemae added over $60,000 to my alledged loans in interest. I was finally able to consolidate through the direct loan ICR WDF program and now can make somewhat affordable payments.
I tried to get them dismissed in bankruptcy, but was unable to.
You might try calling direct loans william d. ford program at 1-800-557-7392 to see if that would help. If you are not married and have children then your payments will be $0-$5/ a month. There are a few flaws in the program though. I'll mention them in another post.
Even during the direct loan consolidation, salliemae kept charging interest on the total balance and direct loans had to make 3 seperate dispersements. Giving salliemae an extra $3000, but adding that to my alledged loan. I tried to complain, but to no avail.
Yep
In-school deferment does indeed have no limit. The government will pay interest on subsidized loans in a deferment. Unsubsidized loans will continue to accrue interest, and it will be capitalized.
Defaulted loans are not eligible for deferment of any kind.
If you can afford to attend school half-time (full-time if you're an old borrower) for the rest of your life to avoid repaying your student loans, more power to you.