September 2009 Weddings
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
MM type question.
forgive the PWness, I'm bored as crapp and don't feel like working.
I'm thinking about going into forebarance on both of my SLs for at least 6 months. We just can't get ahead on our CC debt right now with the vet bills and outrageous SLs. Forberance on my SLs would give us nearly $750 extra a month to pay off the remaining vet bills and put towards CC debt. If we could do this for 6 months, that would pretty much polish off our CC debt.
SLs would still be acruing interest, but when you're talking about 20+ years of repayment, I'm not really sure its going to matter that much.
WWND? What Would Niners Do?)
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Re: MM type question.
I say go for it. I put my federal SL's in forbearance when I first started this job (before I started getting decent commission checks) and it helped so much. And really, the interest that accrued didn't make THAT much of a difference in the long run.
When you think about the amount of interest you're avoiding by paying off your CC's v. the amount of interest that would would accrue on your SL's while in forbearance, really, it's a good option to help you get ahead.
I would say do it. I had my loans in forbearance for over a year, the 6 months you get right after graduation and the economic hardship forbearance as well). It really did not accrue all that much interest while in forbearance and in the grand scheme of things a few thousand extra dollars on top of the $150K I already owed was not going to be that big of a deal.
If it will help you get out from under some of your other debt just do it, that's what they're there for.
I would do it as well. I am thankful mine were under 40k to start, however, its still a pain to pay them off. I am regretting not putting them under a more manageable situation prior to baby, but hindsight is 20/20. if it wasnt for us needing the cash,my yearly bonus and Mark's would be paying a HUGE chunk of them so we had more cashola in our hands.
Hmm, Mary and I were just talking about this, I didn't think forbearance effected your credit, only defaults. IWe both have pretty stellar credit, I do NOT want to do anything to effect that.
I don't have any options for reducing payments, we don't qualify for anything income-based. I know they have economic hardship forbearances, which don't have to be based on a decrease in income, just financial hardship (such as not being able to afford your payments).
I'm definitely going to call and talk to them (you pretty much have to in order to get forbearance) and see what they say. I just think it will be easier to do now, before I get my raise with the new job.
Neither my deference nor my forbearance affected my credit score at all and I monitored that thing like a mofo while I was unemployed and still do.
ETA: most student loans give you a certain amount "given" deference time. I don't know if you've already made use of it (like right after you graduated and looked for a job or whatever) but you can use that deference time for any reason. Forbearance needs a reason, including economic hardship.
I only used the 6 month grace period after graduating. And that was actually before I consolidated.
And I plan on using economic hardship. If they'll let me. Which, if I can't afford my bills, I'd call that economic hardship.
Stand up for something you believe in.
I just registered for the MTEL, the test I need to pass to be a school SW or Adj. Counselor!
ETA: This was supposed to go under Tues randoms.