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© 2007 - LoanQuotes.com
For concise advice regarding your own financial situation please consult with your own financial advisor.
Home | About us | Contact | Privacy Policy | Terms of Usage | Sitemap
© 2007 - LoanQuotes.com
Loan forebearance on student loans when it is hard to make payments.
By Stephen H. Dunham
Though seemingly only a piece of paper, the student loan forebearance form was the key to a much-needed reprieve.
There were times early in my marriage when it was difficult to pay for the basics of life, much more student loan payments. Fortunately the holder of my wife's student loans was helpful so as to allow us to suspend payments when things got really tight.
They often provided a form you could send in with your payment, or you could just call on the phone. Today, these student loan forebearance forms/applications are offered online.
What really excited me was when we had paid the balance down to only $600, they sent us a note in the mail saying that they had forgiven the rest of the debt and we were no longer obligated to pay it. Not quite as cool as the forgiveness of sins that God offers in the Bible through His Son, Jesus, but hey, I'll take it!
As far as difficulties on making payments on any kind of debt, if you want to get some flexibility from your lender, the first thing you should do is ask.
While loan payment forebearance is typically associated with student loans, that does not mean you should not inquire about forebearance for other types of loans if you are in need. For example, a lot of mortgage companies will provide an annual "skip a payment" coupon/option.
Although the interest will continue to accrue and your loan term will be extended, this will enable you to skip a payment without being counted as late or getting behind in your payment obligations.
And, while forebearance policies with auto loans and credit cards may be less generous and not as clear, it is worth a phone call to see what you can find out. The person on the other end of a line is a human too (hopefully), and can relate to the personal situation you are sharing with them. And could be of help to have a better lending experience.
There are usually certain things they are allowed to do to help you that are not published (and that they do not want published). A few minutes on the telephone can make the difference between getting late charges and bad credit marks, or getting the break you need.
By Stephen H. Dunham
Though seemingly only a piece of paper, the student loan forebearance form was the key to a much-needed reprieve.
There were times early in my marriage when it was difficult to pay for the basics of life, much more student loan payments. Fortunately the holder of my wife's student loans was helpful so as to allow us to suspend payments when things got really tight.
They often provided a form you could send in with your payment, or you could just call on the phone. Today, these student loan forebearance forms/applications are offered online.
What really excited me was when we had paid the balance down to only $600, they sent us a note in the mail saying that they had forgiven the rest of the debt and we were no longer obligated to pay it. Not quite as cool as the forgiveness of sins that God offers in the Bible through His Son, Jesus, but hey, I'll take it!
As far as difficulties on making payments on any kind of debt, if you want to get some flexibility from your lender, the first thing you should do is ask.
While loan payment forebearance is typically associated with student loans, that does not mean you should not inquire about forebearance for other types of loans if you are in need. For example, a lot of mortgage companies will provide an annual "skip a payment" coupon/option.
Although the interest will continue to accrue and your loan term will be extended, this will enable you to skip a payment without being counted as late or getting behind in your payment obligations.
And, while forebearance policies with auto loans and credit cards may be less generous and not as clear, it is worth a phone call to see what you can find out. The person on the other end of a line is a human too (hopefully), and can relate to the personal situation you are sharing with them. And could be of help to have a better lending experience.
There are usually certain things they are allowed to do to help you that are not published (and that they do not want published). A few minutes on the telephone can make the difference between getting late charges and bad credit marks, or getting the break you need.
