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Ben A | I'm trying to clean up my credit and I have a question about a student loan...? |
I have a student loan that's 200+ days delinquent, I want to get the loan out of delinquency, but it's like $590. There is an option that Sally Mae gave me, where if I make a payment they can give me a "forbearance" option, where my loan is extended, and all of the overdue balance is put back into the loan.
This would obviously be better for me, but if "forbearance" looks bad on my credit reports, I'd rather just pay off the 590. I couldn't get a strait answer from sally mae, so my question is this:
Has anyone ever heard of "forbearance" on a student loan, and does anyone know if it affects your credit reports? |
 |
 
Brooke
|
No a forbearance will not hurt your credit, however 200 days past due will. A forbearance will simply lower your payments for 12 months, and then hopefully you are back on your feet by then. Good Luck |
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pimpstress_dark
 |
forbearance is just a period of time they allow you to repay the debt. not that big of a deal, alot of people have taken advantage of deferrment/forbearance option.
ONE THING!! do NOT let your loan go into fed default... very hard to get out of defaulted status then. i'd definetely try to get a forbearance, if you reach fed default you're obligated to pay the balance in full unless you can prove hardship.
if you can pay the 500, just pay it off... they may even let you settle it for less. |
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wendy.balsam
 |
i put my loan in forbearance (when i moved across the country and didnt have a job for 3 mo) so you should be fine...it wont hurt your credit...mine is currently at almost 700 and its not due to that. it looks better to put it in that status than not pay it. |
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Expert Realtor
 |
I'll give you another option....pay the $590, and then ask them for a 12 month deferrment until you can get back on your feet.
You have to be current in order to ask for one, but I think that may be a better option for you. |
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Luke D
|
Let me understand this, you're 200+ days delinquent, but you're worried about how a forbearance might affect your credit report???? You should have applied for the forbearance before you were 30 days behind.
Forbearance does not affect your credit report in any bad way. As a matter of fact, it will help your big time because it will instantly change the loan from delinquent to current. |
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mister ed
|
no it will not hurt your credit -- it just extents your loan. |
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kingofkings q
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Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad credit<!--student loan is payable only after the student has completed his or her education, and has started earning a certain minimum amount. You can find more information Student Loan here,
http://badcredits.awardspace.com/student-loans.htm
Since April 2005, the minimum amount that the candidate of the bad credit student loan is required to earn has also increased. Bad credit student loans are available as both secured and unsecured loans-->depending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security. |
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myangel4everjoe
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No it will not hurt your Credit Report. A forberance is like a hold on the loan that keeps it in good standing and you do not have to pay on it. Remember though a forberance is only good for so long. |
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Handsome Chuck
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No, I don't think it hurts your credit. They know that a lot of people get out of school with large loan debt and take a bit of time trying to get on their feet. Basically, here's the difference:
Defaulting=I said I was going to pay but I'm not paying=bad credit
Forbearance=I went through the channels and showed you that I'm not in great shape financially at the moment=we'll work with you |
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