Help…the forbearance/deferment period will expire at the end of the month on my student loans.?
Jul 04, 2011 in
Consolidations Loan Student
I’ve already consolidated my loans and I still don’t make enough money to even pay the minimum monthly payment. Is there any other way I can hold off paying? Will my credit be ruined if I start just paying part of the minimum monthly payment?
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2 comments
harrypotterisgreat on July 4, 2011 at 9:23 pm
First of all check with your lender and ask if their is any forebearance time left, also ask if you qualify for a economic hardship, or you can ask to pay the interest only for two years which is smaller than the regular monthly payment. If this loan is through Citibank, call them right away and a CSR person will help you. Dont put off getting help. With any type of foreberence application they will require a copy of your pay stubs and processing can take 4 to 6 weeks. In the mean time if you go past your forb time they can start collection calls. Good Luck and I hope things work out.
goodworksgal2006 on July 4, 2011 at 9:23 pm
You need to call the lender of your student loan and explain that you don’t make enough to pay the minimum on your account. Your credit WILL be ruined if you don’t make the minimum payment because it will go into default. Give them a call and see if you can work something out — I believe they have a hardship payment which is interest-only, but this may vary by lenders. I have known several people who sold items on eBay or worked a second job, just to make these payments. As you move up in your job position, you are likely to increase your income, and the payments will become less and less burdensome. Good luck.