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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

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