Private student loan consolidation/PhD deferment

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Private student loan consolidation/PhD deferment

Postby msawdey » Thu Apr 18, 2013 10:15 am

I am a previous Grad student 1 year out of master's program and will be going back for a PhD in 4 months.

I have looked into consolidating and it probably wont work out as there are only 2 companies currently willing to do it, wells fargo and custudentloans. My current payments are about to put me under. Wells fargo won't allow for interest only payments and my Sallie Mae application is currently in process for interest only.

Neither of them seem willing to allow for in school deferment. Anyone know of any options? I feel like I am beating a dead horse
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Re: Private student loan consolidation/PhD deferment

Postby edvadmin » Wed Aug 14, 2013 11:52 am

Private loans do not operate in the same fashion as Federal loans. In some cases you may receive deferment or forbearance time. In your case I would see if either of the companies that are thinking of consolidating with have an option to postpone payments while you are persuing your PHD. If either of these organizations allow for the postponement of payments it will be in the form of a forbearance. With the forbearance the intereste will still accrue so becareful. You may also want to look at to see if any of these organizations will allow for deferment or forbearance time.


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