Can I enter another period of in-school forbearance if I was already in one for just one semester?

Question

I started college in 2002 and stopped attending after the spring of 2004 semester. After my six month grace period, I entered deferment on my federal loans and I'm not entirely certain about my private loans. I then started college again in the spring of 2005 so my deferment/forbearance period became a period of in-school deferment/forbearance. I stopped attending after that semester and since I had already used my six month grace period, I immediately began making repayments. I have been back in college now for the past year and will be so for another year to come. I contacted my lender and was told I could have in-school forbearance. I am unsure whether or not this guy was entirely certain about what he was telling me! Does any one know if I can enter another period of in-school forbearance after having already been in one for just one semester a couple years ago?

Answer 1

Generally, if you've always kept your federal loans out of default status (which it sounds like you have), you qualify for an in-school deferment on your federal loans as long as you're registered at least half-time. Check with your school to find out how many credits is considered half-time to be sure. Your private loans are a completely different story - each lender sets their own repayment rules on those so you'll need to check with them directly.

Answer 2

Here is a reminder...forbearance and deferment are totally different from one another. Forbearance will deferment paymant but interest will continue to accrue onto the balance. So, if you are eligible for a subsidize loan, while in forbearance, it will accrue interest. If you were granted deferment, you will the interest will be paid by the government for the subsidize loan. If you took out an unsubsidize loan, the interest will accrue either way deferment or in forbearance unless you pay the interest. I hope this helps.

Answer 3

That's one thing that's good about the government student loans--they are pretty good at granting forbearances. Most times they do notify you thru the mail when you start back that your loan is automatically in forbearance (I got my master's degree just a couple of years ago and as long as I was taking a minimum of--I think--9 or 12 hours, I would get notices in the mail that my loan had been placed in forbearance). I think you're good to go...but call them and find out. Good luck...

Answer 4

As long as you go back at least half time per semester you should qualify for in-school deferment again. Deferment and forebearance are two totally different things, so know what you are asking for with your lender. You want to be deferred again, not in forebearance.

Answer 5

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