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Student Loan Repayments

Dustin Said:

In order to defer student loan repayments, can I stay in school forever?

We Answered:

If you're only in school part-time, your loans begin accruing interest.

Virginia Said:

Does the statue of limitations apply to your student loan repayments?

We Answered:

Oh no! Just like not reporting income dear! The government will get their money! They can offset your taxes( take any money you might have recieved for payment) and add it to your credit report . It doesn't look good ( employers, insurance companies, landlords) that you have defaulted on student loans!

Lillian Said:

Can student loan repayments be put on hold for 2 years if I wanted to become a Buddhist monk?

We Answered:

Unlike a deferment, which is a borrower right that is allowed under certain educational loan products, you are asking about a forbearance.

A forbearance is never granted as a matter of right - a forbearance may only be granted at the discretion of the lender. Unfortunately, there are only certain, limited circumstances in which a lender will even consider a forbearance.

Lenders are NOTORIOUSLY picky about granting a forbearance, and they will generally only grant one to a borrower who has an excellent history of repayment. Some of the more common grounds for forbearance are situations where the borrower is unable to work because of serious illness or injury, where the borrower is engaged in volunteer government service, or where the borrower is a medical or dental student in the midst of an internship or residency.

Every forbearance request is considered on an individual basis.

I can tell you, however, that it is extremely unlikely that a lender will grant forbearance to a borrower who wishes to pursue some optional, non-paid program of personal enlightenment or religious training.

But you can always ask.

Good luck to you.

Bertha Said:

How are monthly student loan repayments calculated in the UK?

We Answered:

standard apa

Scott Said:

How do student loan repayments by your employer work?

We Answered:

If you are in the US, this would be income to you.

The only times it wouldn't be is if you took the loan with the contractual agreement that you would work in an underserved area for x number of years (ala the doctor in the tv series "Northern Exposure").

Tara Said:

Starting a business, how will this affect my student loan repayments?

We Answered:

If the business is successful, it will allow you to make the payments more easily because you will have more money. If the business tanks, it will make the payoff much harder because money will be scarce.

Nancy Said:

What will happen to student loan repayments if there is a recession?

We Answered:

As the student loans company work out the rate of inflation each year as defined by the retail prices index it changes annually and you are informed of this in your statement (at the moment it's around 2.4%)

Therefore this could rise or fall depending on the yearly situation, normally not by very much, however a recession could cause a more significant change.

Of course you only pay back 9% of any earnings you have over £15,000 regardless of the debt you have and the interest applied so your payments themselves won't change. All as that will happen is the yearly interest applied to your account will be higher or lower.

Discuss It!

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