Student Loans are due son at OCS

[Sally Guenther]

My son's student loan bills just arrived today. All payments start in December. How are we suppose to pay these bills. They are his bills but he does not have the money nor means to pay. Does the Navy have a program to help out with this type of situation.

[Maureen]

do you have a power of attorney? if so, you can contact them and ask for a deferrment. There shouldn't have to be payments made while he is in school or out of a job. OCS makes that a gray area. Also, something you should check out BEFORE asking for a deferrment, is part of the stimulus package dealing with student loans. Here is a link that explains it: http://www.cnn.com/2009/US/07/01/student.loans/index.html

[Bianca]

I myself is leaving for great lakes on monday for basic. i got a defermant last month for my student loans. all you need to do is get his enlistment papers for proof and the deferment application and fax or send it to the company and they will put the payments on hold until he is done with training in both areas. there should be no problems doing it.

[Maureen]

This is true, Bianca, but it is so much better to get into the other program if you can. Loan payments are based on income, and even if it says your payments for that year are $0 per month, you still get credit for a year's worth of payments. If you are working in the private sector, loan is considered paid in full after 25 years, no matter how much you have actually paid on it. If you are working in public sector, they are considered paid after 10 years. Public includes teachers, military, etc.