Job Discussion Forums

[M.K.]

I'm in the process of trying to get my federal student loan payments deferred while I undertake my very first TEFL venture. It sounds almost too good to be true, but I've been told that one can qualify for something called an "Economic Hardship Deferrment" if one's income is below a certain level. Yes, if anything qualifies for economic hardship, it seems teaching in Costa Rica would top the list, next to unemployment

Anyhoo, I have a backup plan if this fails, but it sure would be nice to have one less thing to worry about back home. Anyone out there tried to defer loans? How did that work out for you?

If I'm successful (won't know for another month or so), I'll post the good news here. It seems student loans are a big concern for many of us who overpaid for a mediocre education. But I digress...if I'm not successful, I'll still post it here. I'll be sure to rant extensively about how "unfair" it is, and I'll post in all capitals because we all love that don't we?
Melissa

[Lucy Snow]

I'm assuming you're from the US.

Anyway, when you get a deferment, you don't make payments but the interest keeps accumulating. This can add up very quickly. I know, because I've had to go on deferment off and on since I graduated from university.

The process is pretty easy--contact the company servicing your loan and they'll send you the form you need. There's different kinds of deferments and they'll let you know which one you qualify for.

[Albulbul]

"I assume that you are from the US"

Thank you Lucy for pointing out to this newby that not all of us posting here are USanians. This forum, like the world of TESOL, is international and posters should bear that in mind.

[johnslat]

Dear Albulbul,
I don't know - the way the current administration's going I think we CAN divide the world into two parts: US and Them.
Regards,
John

[Wolf]

M.K. does mention on another thread that she's in Colorado (I think.)

Still the criticism holds. If you start a new thread, a brief re - introduction of relevant details about yourself will maximize the usefulness of answers.

[cheryl]

In Canada we have deferred payments as well as interest relief, maybe that could be a consideration? Call the place where you owe money i.e National Student Loan Center (that's where most Canadian's owe their money) and ask them when or if you can begin to apply for it.

Unfortunately, the NSLC told me i had to be in Canada for the duration of the year of deferral! Therefore i'm not applicable...stupid eh?

Hope everythign works out for you!
cheryl

[guest of Japan]

If you are from the US, go to www.dl.ed.gov

Download or request a General Forbearance Form. When filling out the form choose the duration request for the forbearance and a brief description of why you are requesting the forbearance.

It's incredibly easy and the government is very generous in granting requests. You are required to still make payments while your request is being processed.

One more bit of advice. Never skip a year filing your tax return. It results in a mountain of red tape and paperwork.

[guest of Japan]

I'd like to make a few changes to my last post.

The web address is www.directloans.ed.gov

Use this if you are using Direct Loans as your lending agent. I believe they handle the majority of student loans in America now.

Once on the web page click "avoid default."

You will then get a choice between forbearance and deferment. They are fundamentally the same thing, but forbearance has less rigorous qualifications.

Next you will have a choice between applying over the net, or just downloading and printing a for.

If you choose to apply over the internet then you will need a PIN number. If you are currently living in the US then this is an easy task. If you are living in another country you will be rejected. And have to download the form.

To download the form you will need Adobe Acrobat reader 5.0 or higher. If you don't have it they have link to take you to download it.

That's everything.

[M.K.]

Thanks for the replies. I already have downloanded the forms, etc., and have talked to my loan provider. I was just suspicious, because like I said in my original post, 3 years of no payments and no accrued interest seems too good to be true and I half expected to be denied for whatever reason. Especially since I have read several posts here and on other TEFL websites about how student loans can be a major obstacle to a newbie setting out for a low-paying country. So my main point was, and I probably didn't state it very clearly since I have the tendency to ramble on and on, I wanted to find out if anyone had gone through the process of applying for deferrment and been successful. It sounds like a few of you were successful so...good news for me I hope!