I have about 50,000 in student loans that I don't want to pay (not now anyway) Can I get them deffered for a long period of time by continously enrolling in classes?
2007-09-28 03:31:03 · 3 answers · asked by RuffRydeHer 1 in Education & Reference ➔ Financial Aid
I am currently working. I want to enroll in school part time, just take a few classes to defer payments. Can I do it and defer my payments for 10 years?
2007-09-28 03:50:28 · update #1
Technically I suppose you can. At some point however, you will reach the cap on federal student loan amounts and won't be able to borrow more, meaning that you will have to pay for your classes yourself. You also are supposed to be working towards a degree or certification, so if you are just taking busywork classes and not working toward a degree, eventually your school will tell you to graduate or get out and they will report that to the loan companies who will stop deferring your loans. Also, your loans are still gathering interest right now and will continue to do so until paid off. So you will end up owing a ton more money. Call your student loan company and arrange to make reasonable payments.
2007-09-28 11:26:04 · answer #1 · answered by jml167 4 · 1⤊ 0⤋
It will cost more for college than to pay the loans off & get a job.
2007-09-28 10:34:48 · answer #2 · answered by mrsdebra1966 7 · 0⤊ 0⤋
Woah...you figured it out, the loophole in the system, you are a genius, you will never have to pay off your debts, ever!!!
No, you can not do that.
2007-09-28 10:34:02 · answer #3 · answered by Poindexter 3 · 0⤊ 0⤋