student loan deferment–interest? worth it?
i’m considering getting a student deferment, but was wondering if it still collects interest during the deferment?
i might now do it because i feel like it would take 2x as long to pay it off if it collects interest since the base pay will remain the same and then w/ interest will be higher and then higher with higher upon interest!
do you recommend student deferments?
i have a 3 month old baby and need extra dough. i’m trying to find a new job. i can pay my bills, but have little left over. dont know if deferment good in the long run
or should i say hell w/ it since no one really pays there loans back anyways
i have 29,000 in student loans
Deferments and forbearances are there to help you when you need it, so if you truly need it – use it. If you can get by and make the payments then you will pay off your loans sooner.
As for the interest accruing. When in a deferment, any subsidized loans will have the interest paid for by the government, and interest on unsubsidized loans will continue to accrue.
When you receive a forbearance, the interest accrues on all loans while in forbearance and is usually expected to be paid when you complete the forbearance period.
If you can at least pay the interest as you go while in deferment/forbearance it will help you pay off your loans sooner.
