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  1. #1
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    Deferring student loans - possible unethical loophole?

    Hey, just wanted to throw this out there about something I was recently thinking about and wanted to see what the experts had to say.

    A little background info is that I am paying about $750-$800 a month on my wife's student loans (she finished with about $ 85,000 in debt) and it ticks me off that we pay so much per month. I would prefer to pay $300 a month and still be paying them at age 90 because of the tax deduction and the fact that they go away when you die and nobody else is responsible for them.

    Correct me if I'm wrong but when you are an active student you are allowed to defer your loans for a year, correct? So, theoretically if someone(the wife) were to enroll in one 3 credit class per year she would earn a 1 year deferment. So, if this is correct someone could just take a random class every year and defer their loans forever!?!?

    Now, I realize how unethical this is but it is still intriguing...

    What say you CF?


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    Re: Deferring student loans - possible unethical loophole?

    You have to be enrolled full-time. IIRC, that's at least 9 or 12 credit hours. Sorry, nice try.



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    Re: Deferring student loans - possible unethical loophole?

    Guess your wife needs to get a job...just kidding.

    Thought the interest rate on student loans was fairly low. If she went onto to graduate school, payback on loans could have been steeper. I know someone trying to pay back $160k.


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    Re: Deferring student loans - possible unethical loophole?

    The rates are cheap, we pay ~5%. She has a job :)


    While on live TV, Ford used a vulgar term to describe a private part of the female anatomy, adding that he was “happily married” and “got more than enough to eat at home.”

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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by AIT View Post
    You have to be enrolled full-time. IIRC, that's at least 9 or 12 credit hours. Sorry, nice try.
    I don't think this is accurate, but I know there is some minimum threshold of coursework required.


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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by AIT View Post
    You have to be enrolled full-time. IIRC, that's at least 9 or 12 credit hours. Sorry, nice try.
    I believe you only have to be enrolled part time, but it may depend on who the loan is through or how old the loan is (it is this way for federal loans). Also, if the loans were unsubsidized, then interest will continue to accrue on them. I'm still deferring some loans from my undergrad at ISU from 1997 (going back to school a couple times).


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    Re: Deferring student loans - possible unethical loophole?

    I was PT Grad school (6 credits) last year and mine were deferred. What payment plan is she on? You could do extended and pay less....


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    Re: Deferring student loans - possible unethical loophole?

    From my understanding, you can defer the loans now, but interest still accrues.

    We had a guy in our office do that with his loans after he got a job, and the lady said he could do that indefinitely. He wanted to get a nice car, and couldn't afford car payments and school loan payments. Nice plan.



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    Re: Deferring student loans - possible unethical loophole?

    You have to be enrolled at least half time to defer student loans... For most schools that means 6 credits



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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by cyco2000 View Post
    From my understanding, you can defer the loans now, but interest still accrues.

    We had a guy in our office do that with his loans after he got a job, and the lady said he could do that indefinitely. He wanted to get a nice car, and couldn't afford car payments and school loan payments. Nice plan.
    'Nice' plan if you want to be in debt or bankrupt all your life...



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    Re: Deferring student loans - possible unethical loophole?

    Try having the Dr.'s student loans, it's not fun.


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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by 4VR4CY View Post
    I was PT Grad school (6 credits) last year and mine were deferred. What payment plan is she on? You could do extended and pay less....
    I think off the top of my head its a graduated plan which is why it seems to keep going up. The thing is that we can afford the payments, but I'd rather be putting more money into non tax defer able debt(credit cards, cars, etc). Looking into alternative payment plans is on my list of things to-do.


    While on live TV, Ford used a vulgar term to describe a private part of the female anatomy, adding that he was “happily married” and “got more than enough to eat at home.”

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    Re: Deferring student loans - possible unethical loophole?

    Another problem that might depend on the loan but mine did not reset each time you start school. I dropped out for a year so I used up my deferment time on one of my loans and when I graduated I had to start paying on it right away.



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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by CloneAggie View Post
    I believe you only have to be enrolled part time, but it may depend on who the loan is through or how old the loan is (it is this way for federal loans). Also, if the loans were unsubsidized, then interest will continue to accrue on them. I'm still deferring some loans from my undergrad at ISU from 1997 (going back to school a couple times).
    My mistake. I thought it was a higher threshold than that. For six credit hours, it's almost worth it to keep deferring them indefinitely.



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    Re: Deferring student loans - possible unethical loophole?

    Quote Originally Posted by AIT View Post
    My mistake. I thought it was a higher threshold than that. For six credit hours, it's almost worth it to keep deferring them indefinitely.
    I agree although I don't think my conscience would let me do it.


    While on live TV, Ford used a vulgar term to describe a private part of the female anatomy, adding that he was “happily married” and “got more than enough to eat at home.”

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