Student Loan Deferment?

[MidWestEwo]

I have been on the phone with Sallie Mae and they insist that the only thing I can do to delay payments on my student loans during training is a forbearance. This will add a lot of money to my loan principle, and I wanted to know if there was any kind of deferment available for candidates going into military training. It seems odd that there is no deferment option for training. Has anyone else had the same problem before going to OCS?

 

[OnTopTime]

I have been on the phone with Sallie Mae and they insist that the only thing I can do to delay payments on my student loans during training is a forbearance. This will add a lot of money to my loan principle, and I wanted to know if there was any kind of deferment available for candidates going into military training. It seems odd that there is no deferment option for training. Has anyone else had the same problem before going to OCS?

Hmmm... I got a 24 month deferral for military service, but that was way back when the dinosaurs roamed the earth, and I can't remember what type of loan it was. I'm sure things have changed since then, but if I were you I would do some more research before accepting that answer.

 

[Afterburner209]

You automatically get a 6-month deferment after school. Beyond that, the best way to get a easy deferment is to say you have strong personal problems. For example economic hardship, medical or any extenuating circumstances.

Membership in a uniformed service. If you serve in the U.S. Military, the National Oceanic and Atmospheric Corps, or the U.S. Public Health Service, there are several situations in which you may cancel or defer your loans. Check with your supervisor or commanding officer.

It all depends on your exact situation and how long you need it deferred and why you can't make a modest payment while getting paid? As long as you have a good reason, things should work out.

 

[Afterburner209]

Oh and if you have a complicated situation, let me know; my mom is the administrative coordinator and financial aid specialist for a University. A valuable asset, regardless of any mommas boy comments that might follow this.

 

[MidWestEwo]

Its not complicated. I have a Sallie Mae bill, a Sallie Mae serviced bill that was sold to the department of education services, and a personal loan bill. I called Sallie Mae and they said there was no deferment available for military training - only for active duty members. Maybe I will just send them my last pay stub from my last employer and say I have economic hardship. This forbearance thing is a joke when I have no way to pay the bills for 3 months.

 

[Afterburner209]

Training = Active Duty. You mean only for deployed members?

You can arrange direct deposit to automatically pay your loan while you are at OCS. Or you could apply for the Pre-commisioning Loan through USAA which will give you up to 50K and consolidate all your loans into one.

Is there a reason you can't pay your loan other than just being busy training?

 

[helolumpy]

I had mine deferred while in P'cola.
If you're in training, then you're on active duty.

If you are doing ROTC, then it might be a tough sell, but if you are at a place where if you decide you don't feel like showing up and the can throw you in jail, then you're on active duty.

 

[OnTopTime]

Just to be clear- you're considered on active duty from the day you leave home to travel to Newport for OCS.

 

[Spekkio]

I have been on the phone with Sallie Mae and they insist that the only thing I can do to delay payments on my student loans during training is a forbearance. This will add a lot of money to my loan principle, and I wanted to know if there was any kind of deferment available for candidates going into military training. It seems odd that there is no deferment option for training. Has anyone else had the same problem before going to OCS?

Peruse Sallie Mae's website; they have a line about being able to defer student loans if you are active duty. However, I would advise against this because interest still accrues during deferment. You can set your bills to auto-pay while at OCS or on deployment.

 

[MidWestEwo]

Peruse Sallie Mae's website; they have a line about being able to defer student loans if you are active duty. However, I would advise against this because interest still accrues during deferment. You can set your bills to auto-pay while at OCS or on deployment.

Do we get paid bi-weekly at OCS starting the first two weeks? I can set my bills to auto pay, but it could end up overdrafting my account if the money isn't deposited by the 27th of January.

 

[OnTopTime]

Do we get paid bi-weekly at OCS starting the first two weeks? I can set my bills to auto pay, but it could end up overdrafting my account if the money isn't deposited by the 27th of January.

Military paydays are the 1st and 15th of each month, or the immediate previous business day if the 1st or 15th falls on a weekend or holiday.

 

[MidWestEwo]

I guess I will just set my bill pay for a monthly pay then. Thanks for all the help.

 

[D_Rob]

I would caution though, don't expect to start getting paid right away. It can normally take a pay period or 2 for you to get in the system. Though you will eventually get all the money that is owed to you, it might take a few weeks.

 

[Lawman]

I would caution though, don't expect to start getting paid right away. It can normally take a pay period or 2 for you to get in the system. Though you will eventually get all the money that is owed to you, it might take a few weeks.

I second this motion. Many times military training/indoc schools are so backed up they actually hand hard checks to the trainees.

Id recommend you get somebody you trust (IE Mom) and have them put on your checking account so they can monitor and if neccesary shuffle a few hundred dollars into the account to keep from overdrafting.


Also notify Sallie Mae you want your interest rate adjustment per the Servicemans Civil Relief Act. It automatically locks your interest at 6% whether your paying on it or not at the time. They will require some proof of service. Your orders to active duty will be acceptable you just need to fax a copy to the department that handles it. Call the customer service line as I dont have the number anymore. You can also use this with credit cards, house, and car loans.

 

[MidWestEwo]

Sounds more like I should be postponing payment until after training then..I will make sure to take care of that interest rate change. Thanks for the reminder.