Quote:
Originally Posted by petegz28
Freezing debt needs to be clarified. Places like banks are "freezing" or as they say deferring payments for 3 months but they are not adding 3 months to the end of your loan. They are expecting 4 months worth of payments come month 4.
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No that is not how loan deferments work. They will push back your next due date by three months. You will not be required to pay the three months of scheduled payments skipped only the interest that accrued over the period. They are effectively adding three months to the term of your loan.