Friday, July 3rd, 2009
Unsubsidized Student Loan Deferment?
John D asked:
I’ve just started graduate school and I have the option of deferring my undergraduate student loans. I’m not sure I can afford the monthly payments, but I’d still like to periodically put some money down on the loan.
I’ve just started graduate school and I have the option of deferring my undergraduate student loans. I’m not sure I can afford the monthly payments, but I’d still like to periodically put some money down on the loan.
So my question is, can I make payments on the principal of the loan, and not just the interest, while it is in deferment?
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July 4th, 2009 at 2:02 pm
Yes, you may as long as if you are paying a little over the interest owed at the time of payment. I have Sallie Mae, the only thing is that it may not show as a principal payment because it’s supposed to pay your interest first. But if you pay more than the interest every month or every time you pay, you pretty much are paying a part of the principal rather than just the interest.