Make a payment before forbearance is up?
OK, this might sound like a strange question, but ... can you make a large payment to pay back part of your Sallie Mae loan before your forebearance period is up?
I am in my final year of a grad program; I applied for and received approval for the full year's eligibility of student loans. The college got the checks from Sallie Mae. But then I found out that the way my program is structured, due to the total number of credits and classes I will have taken by the end of this quarter, I will have to graduate at the end of it, so I had to unregister for my Winter quarter classes.
Because my loan period no longer matched my course load, I was told by the financial aid department that since I had applied for a whole year's loan amount, I would have to have them reassess my loan for just the current quarter, but the kicker is, they said that after it's reassessed, they would release the entire amount now. I am nervous about having the whole year's worth of money in the bank when I am not attending for a full year, because that seems like it violates the original app to Sallie Mae for funding for the whole year (although that was done in good faith).
I'd like to send the 2nd half in to Sallie Mae as an early payment, just to avoid getting in trouble with them. Is this a good idea? Or should I just keep it in savings earning interest, then use it to start making payments when the forbearance period is up?
*atlan*
I am in my final year of a grad program; I applied for and received approval for the full year's eligibility of student loans. The college got the checks from Sallie Mae. But then I found out that the way my program is structured, due to the total number of credits and classes I will have taken by the end of this quarter, I will have to graduate at the end of it, so I had to unregister for my Winter quarter classes.
Because my loan period no longer matched my course load, I was told by the financial aid department that since I had applied for a whole year's loan amount, I would have to have them reassess my loan for just the current quarter, but the kicker is, they said that after it's reassessed, they would release the entire amount now. I am nervous about having the whole year's worth of money in the bank when I am not attending for a full year, because that seems like it violates the original app to Sallie Mae for funding for the whole year (although that was done in good faith).
I'd like to send the 2nd half in to Sallie Mae as an early payment, just to avoid getting in trouble with them. Is this a good idea? Or should I just keep it in savings earning interest, then use it to start making payments when the forbearance period is up?
*atlan*
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