Loan deferment

[unrealpolitik]

OCS path.

just wondering if I can apply for my federal loan deferment as soon as I am sworn in? I mean seriously.. what's the process?

 

[jt71582]

I'm in the same boat as you, but I imagine as soon as you have proof to your lender (i.e. orders) that you are entering military service, you can apply for deferment. Just call them, suffer through the Kenny G musaq, and talk to a representative, they should help you out.

 

[MasterBates]

Be aware that interest will rack up in deferment. That 2-3 months extra wait may mean a year on the backside.

I had $1100/mo of student loans start coming out during the last month of OCS. It can be done, you just can't party as much like a rockstar as you would like.

 

[irontri]

Masterbates, I've got nearly the same amount. What if you already don't party, plus a wife and two kids? I'm not sure how we will do it.

Get this crap. I looked into deferment with my lender, Great Lakes Higher Ed Corp. I consolidated two years ago. Because some of the loans that were consolidated were pre-2001, I cannot defer!!!

If anyone knows or has experienced differently, please let me know. With 0-1 pay and $1111/month in loans...well you guys can figure out the math.

 

[irontri]

I was just making an extra payment at my lender's website, Great Lakes Higher Ed Corp, and I looked at the military deferment form again.

NEWSFLASH, the two previous restrictions:
1-A 3 year limit on military deferment, and
2-all loans must have been after 01July2001

HAS NOW BEEN ELIMINATED!

Link: https://www.mygreatlakes.org/borrower/viewDefermentForm.do?displayForm=military_defer.pdf

It does say that the Dept of Ed has not updated their forms yet.

So if I sign up for 20, I never have to make another payment until I'm old and gray?!?! Not that I would...but this significantly reduces any apprehension or reluctance due to tight O-1 pay w/ a family and student loans.

There are specifics for eligibility in both sections 6 and 7 that I am a little uncertain about. E.g. "Serving on active duty during a war or other military operation or national emergency". I would think the GWOT counts, but I have no clue how that is determined.

 

[Kickflip89]

EDIT:

Sorry didn't read. I was thinking you were talking about the pre-commissioning loan. If you're considering that loan my advice was: wait until you commission.