Can loan be place towards school expenses if it is in deferrment?
The question
I have a student loan that is in deferrment from 2007 and I have applied for financial aid, but because I have to use both my parents’ and my in rank, I can’t get financial aid. So I was wanting to know if I can call my loan company and see if there is any way I can use that deffered loan for my expenses in the fall of 2011, when my deferrment isn’t over until January 1, 2012?
Best answers:
I reckon you are confused on how student loans work. A studen t loan is given to you to cover CURRENT expenses. So now that you have the loan, the money is gone.
Deferrment is just when you don’t have to pay on the loan. So unless you saved the money, you can’t question the lender to give you the same loan twice to pay something. HOWEVER, you can question for a NEW loan to pay that balance.
