What Loan company will take over my federal student loans when the loans are in forbearance?
Written By: admin on May 19, 2009
One Comment
What Loan company will take over my federal student loans when the loans are in forbearance so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under 00.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.
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Tags: federal student loans, forbearance, government loans, loan company, saillie mae, School Loans, Student LoansTags: federal student loans, forbearance, government loans, loan company, saillie mae, School Loans
No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.
If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can question your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.