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Student Loan consolidation or return to deferred status?

I have been out of school long enough that now I need to start paying my student loans. However I plan on going back to school this summer. When I go back will my loans return to a deferred status? Also I was thinking of consolidating the loans I have now. To lower my payments while I am out of school. But I am not sure how that will affect me once I go back to school. If it doesn’t have any effect who is the best loan consolidator? Anyone have some info or point me somewhere, where I can get real answers without a hassle. Thanks!!!


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3 Responses to "Student Loan consolidation or return to deferred status?"

  1. bpinski7 says:
    I was in the same situation last year. I started paying my undergraduate loans back, but once financial aid saw that I was attending school again, my acccount got automatically deferrred again. If you want to not defer, I think that you have the option, but I chose to defer it and when I have extra money laying around (not very often) I make a principle payment on my loan. This way, it is not collecting interest, and I am working (slowly) to pay my debt down.
    I don’t know where you are planning on going back to school, but there should be a financial aid office and trained advisors to help you figure out these types of questions.
  2. MR says:
    Yes, as soon as you have proof of full-time attendance, your loan can be deferred.

    DO NOT SKIP your first payments. Do whatever it takes to make the payments until you get the deferment.

    Also, when you get your deferment form filled out by the school, KEEP A COPY and send it to the lender with SIGNATURE CONFIRMATION so you have proof of delivery.

    CHASE hosed me by claiming that they did not receive all THREE deferment forms I sent them and promptly defaulted me on the loan for non-payment…even after they admitted they were in the process of moving all their files and everything was in transit. My University could not believe that I had to keep coming to the office to get another form signed over and over again.

    The banks do not care. They will hose you unless you cover your butt. Every time you send any correspondence, keep a copy and send it with proof of delivery.
    Start a file folder NOW with all correspondence and invoices they send you. On the inside cover write down every phone conversation you have with the date, time, and THE NAME of the rep…with a summary of the discussion. NEVER believe anything the phone rep says. Make them give it to you IN WRITING. I am serious. You do not need to have a bad ding on your credit rating. The phone rep may tell you not to worry…and then they default and there is nothing you can do about it. ALWAYS IN WRITING.

    I would wait to consolidate until you are done with school. Interest rates will likely keep dropping since the economy is tanking.

  3. Jacob A says:
    Ey sup Reinna

    Im not exactly sure what you looking for…

    But I found this site below and from the looks of it I think it would be a lot of help…

    anyways, gud luck Reinna

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