Has it suddenly become impossible that you should keep up with your monthly student loan payment dues?
Don't worry; there are options that you are able to choose from to keep you afloat. What tend to be these?
- f you have federal loans then you're lucky as there are more repayment options for these kinds of loans than private loans offer. Federal loans are usually more forgiving of low income borrowers.
- For those who have taken federal loans sourced through a private lender then ask them to switched to a direct loan. This will help you save from covering high variable rates from a personal lender.
- You can qualify for loan forgiveness should you work with the Peace Corps, Americorps, National Safeguard, VISTA or work as a teacher in reduced income schools. Also, if you are a doctor within an underserved area or a lawyer working in the general public interest sector, you qualify for loan forgiveness so it's not necessary to worry about student loan repayment plans.
- If you're having difficulty paying your monthly dues:
- You can apply for deferment where you are allowed to cease payment for some time, say while you are studying if you have gone to school.
- Request forbearance if you are struggling some personal or economic financial hardship. This will help you to postpone your payments and even extend your repayment term.
- If your payment plan is difficult for you you'll be able to switch plans.
- Extending your payments will decrease your monthly dues. This will ultimately extend your education loan repayment term however this will enable you independence for other financial needs.
- Do your best to avoid going to default on your loans because should you choose, the government can actually withhold your earnings and tax refunds and may bring you to court.