I'm halfway through a year long withdrawal, and have to pay about 5-6 months of loans, but afraid I can't

[Adventure-time]

Hello, I'm halfway through a year long withdrawal, and have to pay about 5-6 months of loans, but afraid I can't.

I have 3 semesters of med school left

What do I do in this situation? I can't pay the interest accruing. If I don't make payments, won't FAFSA deny me the money I need for when I return to medical school?

Do I talk to my loan officer and ask if I can make payments of 50 dollars or so, as to pay something back, let interest accrue, but not get in trouble for not making any payments?

I was wondering what the simplest way to go about this is.

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[SpoiledMilk]

Contact your student loan servicer directly and ask them about repayment options. They should have options to temporarily stop your payments through forbearance, deferment, or applying for Income Based Repayment Plans that as a medstudent you can get your payment down to $0.00 (assuming you have no income and provide proof through your prior year income tax return).

 

[Adventure-time]

Contact your student loan servicer directly and ask them about repayment options. They should have options to temporarily stop your payments through forbearance, deferment, or applying for Income Based Repayment Plans that as a medstudent you can get your payment down to $0.00 (assuming you have no income and provide proof through your prior year income tax return).

Ok thanks. And none of those options you mentioned will cause me any issues on my FAFSA when I come back? I would hate for me to do something that would somehow impede on me being able to get loans later this year because forbearance, deferment, or anything else.

I assume that I can stop/withdraw and forbearance, deferment, or any repayment plan right before I apply for FAFSA with no issues?

 

[SpoiledMilk]

Assuming you are approved by your servicer for one of the options, there should be no issues with applying to FAFSA when you return to classes.

 

[Adventure-time]

Assuming you are approved by your servicer for one of the options, there should be no issues with applying to FAFSA when you return to classes.

Ok thanks. Will my loan officer give me the best plan for my situation (non-payments for a few months), or do they have an incentive to make me pay as much as possible before returning, etc.?

That way, I can be assured I can trust the loan officers as they have my best interests and not just want payments.

 

[SpoiledMilk]

You have to log into your online account that you should have set up already. If not, register so you will have access to your loan info. Then you choose the repayment options and apply. If you don't qualify for one, then you can choose another and so on until you qualify for one.

They don't decide for you what options you apply for. That's on you. They only take your application and approve it or not based on the criteria in their contract with the Federal Gov't.

 

[Adventure-time]

You have to log into your online account that you should have set up already. If not, register so you will have access to your loan info. Then you choose the repayment options and apply. If you don't qualify for one, then you can choose another and so on until you qualify for one.

They don't decide for you what options you apply for. That's on you. They only take your application and approve it or not based on the criteria in their contract with the Federal Gov't.

In any case, is it normal for students on a year withdrawal to do temporary non-payment plans that last half a year before returning?

If the loan officer decides not to be much help, who would I contact to go over my options in the most optimal way?

 

[SpoiledMilk]

Yes, it's not unusual.

Your loan servicer is the best source to help with repayment options.

 

[Adventure-time]

Yes, it's not unusual.

Your loan servicer is the best source to help with repayment options.

Ok thanks. Loan servicer is the same as my loan officer?

 

[SpoiledMilk]

Technically your loan officer is the Dept of Education. It approves your FAFSA loans. Your loan servicer is contracted by the Fed govt to help collect your repayments.

 

[Adventure-time]

Technically your loan officer is the Dept of Education. It approves your FAFSA loans. Your loan servicer is contracted by the Fed govt to help collect your repayments.

Ah ok. So Moela would be my loan servicer, and by calling them, they will provide me with the best options without costing anything?

 

[SpoiledMilk]

I just went on the website and there is literally a link that says 'Need a lower payment.' I can't keep answering the same question over and over again.