If I’m temporarily not making any student loan payments because I’m in deferment or forbearance, am I still being charged interest?
That depends on the types of student loans you consolidated and on whether you’re in deferment or forbearance. When your student loan consolidation is in deferment, you won’t be charged interest on that portion of your consolidation loan that was originally a Perkins loan or subsidized Stafford loan. During deferment, you’ll only be charged interest on that portion of your student loan consolidation that was originally a PLUS, Grad PLUS or unsubsidized Stafford loan. When your student loan consolidation is in forbearance, you’ll be charged interest on the full principal balance of your consolidation loan, regardless of the types of student loans you consolidated. Any unpaid interest that accrues during a deferment or forbearance period will be added to the principal of your Federal Consolidation Loan for you to repay once your repayment resumes. If you want to avoid having any accrued interest added to your principal consolidation loan balance, you can choose to make interest-only paym
Related Questions
- If I’m temporarily not making any student loan payments because I’m in school, in my grace period, in deferment or in forbearance, am I still being charged interest?
- If I’m temporarily not making any student loan payments because I’m in deferment or forbearance, am I still being charged interest?
- Can I make payments, even if I’m in school, in grace, have a deferment or have a forbearance?
