Q&A: Student Loan Question??

Question by ju88junkers: Student Loan Question??
I am in sort of a problem. I originally started attending school at a college and had my loans deferred until I graduated. I switched schools to a school that was “authorized” or whatever to let student use sallie mae. This school I am going to IS a Sallie Mae school. So, when I took out the loan for that school I started getting bills for repayment. I am still a student, yet, since this school uses the career training loan, I guess the loans for my other school can’t be deffered for whatever reason. Now I am stuck paying the loans while I am still in school. I figured that since Sallie Mae offered loans for this school, I would still be in deferment. NOPE not the way it works I guess. They want me to pay back my other loans right now and make $ 10 monthly payments on this “career training loan”, so I was wondering If I somehow reach a different monthly payment plan for my old loans, can I still borrow to finish this school? I do make my payments and I am not ditching them.

Best answer:

Answer by Mrs HarleyBrat
talk to Sallie Mae about a forebearance instead of deferrment until your out of school and accept the $ 10 monthly payments in the meantime 🙂

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One thought on “Q&A: Student Loan Question??”

  1. Sallie Mae is a secondary market for student loans. Sallie Mae manages student loans while they are in repayment (or not). Any Guaranteed Student Loan is eligible to be purchased by Sallie Mae; schools are not “authorized” or not. It has nothing to do with the school, unless of course the school is not accredited.

    If you have outstanding student loans and you are in school at least half-time, your loans are deferred until six months after you finish school and go into repayment.

    I have no idea what a “career training loan” is and it sounds like something intended as a money maker for a proprietary school. Be that as it may, unless your loans were defaulted, you should not be in repayment if you are enrolled in classes.

    Whatever the “career training loan” is has nothing to do with Guaranteed Student Loans and can’t be consolidated with them, as far as I know.

    In the meantime, get SLMA on the phone and find out why your are not eligible for deferment while you are attending classes. Federal laws govern these programs, not someone’s whims. So there’s got to be a logical explanation of why you are in the situation you’re in at this time.

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