Deal With Your Student Loans Now!


As the economy continues its downward spiral, student loan defaults are becoming more common. This really is not all that surprising. What other loan can you get when you are unemployed? Student loans can be very stressful because the government is very aggressive in their collection efforts.

The good news is that even if you are struggling financially, the government has many programs to help make is so you do not fall into default. Let's take a look at a few!

Student loan deferment is when your lender agrees that you do not have to make a payment for a specific period of time. During this time, interest will not accrue and your credit will not be damaged. This is a great solution if you are in a situation where you cannot make your payment. You do have to apply and be approved for deferment, however. Things like going back to school, losing a job and health issues would all most likely be grounds for getting your loan deferred.

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If you are not able to get your loan deferred, you may still be able to go into forbearance. A forbearance agreement is similar to a deferment with a few key differences. First, you payment may not completely go away. Depending on your situation is may just be lowered for a period of time. Next, you loan will continue to accrue interest during this time.

Another student loan payment option is graduated payments. This is where you have a reduced payment now and know that it will increase at some point in the future. This option is very attractive to students who have just graduated recently. They are just starting in the employment world and expect their income to increase over time.

But, what about if you are already in default? Unfortunately, these options are not going to be available to you. But, once you get where you can afford to make a steady payment, you can rehabilitate your loan. Basically, you contact your lender and let them know that you would like to rehab your student loan. You will then need to make between nine and twelve on time payments voluntarily. (Meaning that payments made through wage garnishment do not count.) After this time period, your loan will be brought back to a status of current and the fact that it was ever in default will be deleted from your credit file.


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