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  1. #1
    thomasfx10 is offline Member
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    Putting Your College Loans on Hold.

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    I will have about 25K in college loans BEFORE I even get into medical school. Since SABA is not part of Stafford or other US Loans, can I still place paying those loans on hold until I graduate Med. School.

    Just wonder if you can prove that you are still actually going to school. I would hate to do the Davenport Online degree just to delay paying for my college loans.

  2. #2
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    no you cant use in school deferment while on saba, but since you wont have any income you can use whats called economic hardship deferment or forebearance. with the economic hardship you dont pay any interest but with the forebearance you do...Ive been using both of those as i also have around 25k in debt from undergrad...
    "Don't get your Golgi in a complex..."

  3. #3
    kryptik's Avatar
    kryptik is offline Ultimate Member 510 points
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    wont that hinder your chances of getting more loans especially from the same lender?

  4. #4
    KingMo is offline Member 510 points
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    Quote Originally Posted by kryptik View Post
    wont that hinder your chances of getting more loans especially from the same lender?
    I too did an economic hardship deferment. Although you bring up an interesting point, I wonder if other private banks have access to that information or hold this against you in terms of trying to get another loan. Never really thought of that...

  5. #5
    jar22 is offline Member 510 points
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    loans for SABA?

    but how do you guys get loans for SABA?
    do you guys thing they would come up with some loan options preety soon?

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    i dont think that having loans in deferment decreses your chances of getting other loans so long as you are in good standing ie you dont let your deferment or forebearance laps longer than 90 days. As long as your credit is good it shouldnt matter. Of course, there has to be loans available to get approved or denied which is the biggest problem right now.....


    although you may not be able to get the loans for other reasons such as not having any income (which allows you to put the loans in economic hardship deferment to begin with).
    "Don't get your Golgi in a complex..."

  7. #7
    kryptik's Avatar
    kryptik is offline Ultimate Member 510 points
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    so you can only defer for 90days? then what do you do after those 90 days since one will still be in school? Or do you mean not waiting after 90 days to inform them you want to defer? can you clarify please?

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    no you can defer for literally years. I think after three years of economic hardship deferments (which are better as they are subsidized so you dont have to pay interest), you have to start using forebearance. Im not sure if its three years , it may be four, I cant remember. I just know that between economic hardship and forebearance I will have enough time to finish the MD and start working so I can start paying back my debt.

    On an interesting side note I have a friend who borrowed around 100k to go to law school and with the dismal law job market right now is unable to get a job. His monthly loan payments are so high that unless he gets a pretty good paying job his loan payments by themself will consume his entire income. His way of avoiding this is to sign up for a few online classes continually so that he can maintain his in school deferrment status until he can figure out what else to do...Hopefully Ill have an easier time of finding a job.

    Oh, also what I mean by lapsing for ninety days was that if you put your loans into deferment and then dont keep track of the status, after a year you go back in to repayment status. If you dont make a payment and are late more than ninety days they will report to the credit agencies and you will get a negative mark on your credit.
    Last edited by Boulderunner; 05-21-2008 at 09:29 PM.
    "Don't get your Golgi in a complex..."

  9. #9
    kryptik's Avatar
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    thanks for the clarification, good to know my options in case i need to defer.

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    wolfvgang22 is offline Moderator 514 points
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    credit and loans

    You can defer while going to Saba, or use forebearance as mentioned above. All your credit report shows is that you have loans out in good standing, and school loans do not affect your credit score one way or another. Credit card debt or non-school loans are another matter, however. creditboards.com forums are a good resource for information about credit.
    Last edited by wolfvgang22; 05-23-2008 at 07:50 AM. Reason: grammar
    Saba University School of Medicine, Class of 2009
    Diplomate, American Board of Psychiatry and Neurology

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