If you are like many people, the economic crash has affected you like so many others. Just trying to pay your regular bill, much less student loans, can be extremely taxing on your income. So, if you have fallen behind on your payments, you need to get in touch with your lender immediately to discuss student loan deferment. There are several types of deferments, forbearance's or other payment relief options that may be available to you.
Contact your lender to find out if your situation qualifies for a deferment. If you are suffering a hardship like unemployment or if you have started school, you might qualify. Keep in mind that depending on the type of loans you have, you might be responsible for the interest that accrues during the deferment period. One form of deferment is for military personnel. If you are active duty or are called into active duty this deferment is available to you. Your loans may also qualify for deferment during demobilization.
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Those who are members of the National Guard or other reservist programs, regardless of whether current or retired, who is called back to active duty while attending school at least part time might be eligible for a deferment for up to 13 months after their service has ended or if you return back to school. If, according to federal regulations, you are experiencing economic hardships, a deferment may be available to you for up to 3 years if the loan is a FFEL, Federal Perkins or Direct Loan. Regardless, you need to contact your lender to find out if you qualify.
An allowance offered by your lender that lowers your payment amount or postpones them is known as forbearance. For some reason, if you can't get a deferment, you may be able to get forbearance. Regardless of the type of loan you have, you will be responsible for making the interest payments on your loans. You may be eligible to have the forbearance granted for a total of 3 years. Just a side note for PLUS Loan borrowers. For the most part, the same requirements apply when requesting forbearance's or deferments. Since the loan is unsubsidized, interest will accrue during the forbearance or deferment period. You don't have to pay the interest during this time but it will compound if you do not.
While the lender will ask you choose a repayment plan when you first enter repayment status, you may want to change later if different plans might work better for your financial situation. The FFEL Program, you can change plans once a year. The Direct Loan Program allows you to change plans at any time as long as the maximum repayment period under your new plan is longer than the time you have already been in repayment.
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