I've always dreamed of traveling the world after college and before I get tied down with a career and family. I've been saving up money, and slowly preparing for my trip but last night, it occured to me that i'll need to start repaying my student loans once i'm out of college in a year. I hope to be in Europe and I won't have the means or the money to pay the loans while I'm gone, so is there a way I can talk to the loan people and set it up so theres some time off? Anybody ever done something similar to this?
2006-11-30 07:36:46 · 8 answers · asked by Patrick 2 in Education & Reference ➔ Financial Aid
You ask for a deference or forbearance. Most student loans are deferred till 6 months after graduation anyway, and if you haven't found a job by then, you just call up the owner of your loan and request an extension. Forbearance is sort of the same, but leans more toward the 'hardship' part of not being able to pay.
Something you should know though (and it's quite important) is that:
Even if you defer or forebear, interest WILL continue to accrue (unless you have a Federal subsidized loan)... actually, I believe that even if you do have a Federal Subsidized Loan, interest continues to accrue AFTER the 1st deferment term expires.
You should also maybe look into a 'Sliding Scale Payment Plan", which allows you to make your payments according to what you're making/worth. For instance, if you have a part time job, your first year of payments will be REALLY low, and they increase with time.
The BEST way to go about this though, is to contact your lender, and find out what your options are. They're usually very helpful with such things.
PS: If you have federal loans, you might want to look into consolidation AS WELL as deferment... Good luck.
2006-11-30 07:45:15 · answer #1 · answered by monie0078 2 · 0⤊ 0⤋
you usually have six months after graduation before you have to pay back student loans, so you have two options: include the monthly payment for you student loan into the money you are budgeting for you trip or take a class abroad through your school when you get there. As long as you are in school you don't have to pay them back (for a little while, not indefinately) this would screw up you actually graduating befor you leave though. i have 8 or 10 thousand in loans and the payment is only 100 bucks a month. just save a little extra to make the payment when you get to Europe
2006-11-30 07:41:22 · answer #2 · answered by JESSICA H 2 · 1⤊ 0⤋
I have a friend with brain cancer who has been relieved of the obligation to pay back his student loan, but only while he has brain cancer. If the cancer is cured, and he goes back to work, then he must start paying again. Perhaps something might happen to you in Europe and you'll end up in the hospital! Then you'll see Europe, AND get off the repayment hook! Bonus! (I'm just joking about the hospital - the other part is correct)
2006-11-30 07:48:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get a deferment, file for financial hardship, but that usually only lasts about 6 months, maybe a year. You cannot get out of paying just because you don't want to. Besides, you might could find odd jobs. You might only have to pay $25-30 a month often.
2006-11-30 07:41:12 · answer #4 · answered by joannaserah 6 · 0⤊ 0⤋
What you could do is keep getting deferments and file financial hardship. Also depending on what your major is you could work in that particular field in a particular area for a certain amount of time and they will waive your student loans. So if I were you I would check into that. Also go back for a graduate degree just to buy you some more time.
2006-11-30 07:44:25 · answer #5 · answered by Proud Momma of 4mth old Boy 3 · 0⤊ 2⤋
Try enrolling in a distance education or correspondence course. If you go back to school, they won't collect until after your done with those courses. You can complete the work on your travels. Just pick one easy course so it can be something your doing while your riding the rails on your Eurail pass instead of consuming your entire trip. Have fun!
2006-11-30 07:44:13 · answer #6 · answered by Geoff S 6 · 1⤊ 0⤋
If you dont such a thing, you will only hurt yourself in the end.. you can ask to pay interest only and then pay the principal two years later. There are several options, it is just a matter of you picking up the phone and seeing what they have to offer..
Good luck and have fun in Europe!
2006-11-30 08:31:27 · answer #7 · answered by CuriousHIC 2 · 0⤊ 0⤋
You would have to provide proof of financial hardship to extend your loans beyond the 6 month allotment.
2006-11-30 07:54:30 · answer #8 · answered by Lori D 2 · 0⤊ 0⤋
I had a cousin who was positive that if you just kept going to school you would never have to pay them off.....it doesn't work that way.
2006-11-30 07:40:43 · answer #9 · answered by Anonymous · 1⤊ 1⤋
stay in school like, i don't know, FOREEEEEEEEEVVVVVVVVVVEEEEEEEEEERRRRRRRR!!!!!!!!!!!
2006-11-30 10:02:23 · answer #10 · answered by Ms.Thang ;-) 1 · 0⤊ 0⤋