Reddit Student Loans

Deferring Student Loans?

Hey so I am going to graduate school in August. I have both federal loans and loans from Sallie Mae. Because I graduated last semester I have to start paying in July. How do I go about getting these loans deferred?

Deferring Student Loans? – RobinHood – Reddit Feed

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  • You can’t defer student loans unless you are currently in school or (for federal loans) you have a financial hardship.

    You will likely have to pay on the loans at least for July.

    Talk to your servicers to see if there are any other options.


  • Deferring the loans never helps you in the long run, it only hurts you. Every dollar you pay now saves you a dollar (or more) in interest. Every dollar you don’t pay now costs you $2 later.

    Go on YouTube and watch some videos on loan amortization. Especially paying extra on mortgages. You’d be shocked to see how an extra $50/month or $100 every few months actually saves tens of thousands in interest over a 30 year loan.

    Interest sucks. It accrues DAILY, every single day on a student loan. The sooner you start paying anything the better off you are.

    The federal loans should automatically defer, but I would try to pay the private loans (as much as you can) especially if they are high interest.

  • Instead of deferment, consider an income based plan. Depending on your income, your payments could be as low as $0.

    That being said, if you can at least pay your monthly interest, you should.

    It took my 20k loan to 35k in a decade because I could not make meaningful payments.

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