Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
Call Today For A Free Initial Consultation
813-463-2256

Avoiding Burdening Debt From Student Loans

Completing school is hard enough, having to deal with unmanageable student loans is nearly impossible. Understanding your federal student loans could be a course all on its own so if you are not in default and are having a hard time keeping up with the payments deferment and forbearance could help steer you away from establishing student loan debt.

Before weighing these options it is important to know that these programs guide with short term aid and do not always result in completely correcting financial problems.

If you qualify for Deferment, your student loan payments will be postponed and there will be no interest accrues on subsidized loans. To apply for deferment you must be under one of the several different circumstances. Which are the following:

- Enrolled as at least a halftime student in a postsecondary program

- Enrolled in an approved graduate program

- Are disabled and enrolled in an approved rehabilitation program

- Unemployed, unable to find work for up to three years

- Economic hardship up to three years

- Currently or have been on active duty with military

To apply you must contact your loan servicer to receive a deferment, who can discuss loan payment options to you.

Forbearance is slightly different, which allows for your student loan payments to be postponed however the interest continues to accumulate during that period of time. If you happen to not pay the interest, it may become capitalized which means it will be added to your principal balance.

Qualifying for forbearance is determined by your loan servicer.

Loan servicer are required to grant you forbearance if:

- Enrolled in a medical internship or residency

- Monthly student loan payments are 20% larger than your monthly income

- Serving in national service position

- Teacher loan forgiveness, the Department of Defense loan repayment program, or if currently in the National Guard

If you are falling behind on student loan payments, applying for deferment or forbearance are preventative actions towards creating hefty student debt. Unfortunately however deferment and forbearance are only temporary fixes and will not resolve big student debts. These programs are designed to help people who face minor fiscal issues.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Nolo | Legal Encyclopedia

No Comments

Leave a comment
Comment Information
  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
More Testimonials
Email Us Today

Schedule A Free Initial Consultation To talk to an experienced Tampa bankruptcy attorney, call 877-492-7449 or fill out the form. All calls are returned within 24 hours.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We Have Offices in Tampa, Riverview and Brandon For Your Convenience.

Tampa Office
118 South Rome Avenue
Tampa, FL 33606

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Tampa Law Office Map

Riverview Office
6314 U.S. Highway 301 South
Riverview, FL 33578

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions

Brandon Office
305 North Parsons Avenue
Brandon, FL 33510

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions