Student Loan Deferral in Fort Lauderdale
Call a Fort Lauderdale Student Loan Attorney
Student loans often take decades to fully pay off, and it’s not unreasonable to
imagine that something may happen which causes the borrower to not be
able to make payments for a while. In certain qualifying instances, the
borrower may be able to defer their payments for a period of time. A deferral
or a forbearance is when you are given permission to stop making payments
for a temporary period and then resume doing so at a later date.
If you are struggling financially and find you are unable to make your
student loan payments, you should speak with a Fort Lauderdale student
loan lawyer and discuss your options in order to determine the best possible
strategy for debt relief.
Loan Lawyers can provide you with more than 100 years of combined experience to help
you pursue the best possible outcome to your struggles. We have successfully
helped more than 5,000 clients seek the relief they need when struggling
from all types of debts, and we can work with you get back on your feet
and on your way to financial freedom.
Don’t wait! Call Loan Lawyers today at 844-FIGHT-13 (844-344-4813)
to request a
free consultation and let us help you manage your student loan debt issues!
When Can I Defer My Loan Payments?
Loan payment deferral is reserved for a select few circumstances of extreme
economic hardship or a mandatory duty. However, unlike loan forgiveness
which only a select few groups of borrowers qualify for, many other people
could qualify for a deferral and greatly benefit from one.
You can defer your loan payments under the following circumstances:
Unemployment: If you lose your job or are unable to find work, you can apply to defer
your loans for a period of time in order to allow you to re-obtain gainful
employment and continue to make your payments.
Military service: Members of the United States military may defer their student loans in
two instances. First, if the borrower is deployed on active duty, they
may defer their loan for the term of their deployment. Second, they may
choose to defer their loans after they have completed their active duty
in order to pursue employment.
Economic hardship: If you are receiving payments under a federal or state public assistance
program, you may be eligible to defer your payments for a particular amount
of time. This includes the TANF, SSI, and SNAP programs.
Peace Corps volunteer: Volunteers in the Peace Corps may defer their loans for up to three years
in order to complete their service, and some loans may even be deferred
for up to six months after service has been completed.
Internship or residency service: If you are an intern or resident in a medical or dental program, and are
working towards completing your medical or dental practice licenses, you
may be able to defer your loans because most of these programs pay very little.
Deferral or Forbearance?
A deferral and a forbearance are very similar: both mean you make little
to no payment for a pre-determined period of time, and both do not affect
your credit rating or count as missed payments, giving you the freedom
you need. However, each deferral or forbearance has different qualification
criteria, which means you should speak to an attorney in order to learn
which option is right for you.
In most cases, if you can take a deferral over a forbearance, you should
do so. A deferral may qualify for further assistance, and the federal
government may pay the interest on some of your loans over the deferral
period. However, a forbearance will continue to collect interest on all
types of loans, meaning your overall loan cost will increase in the end.
Get help with your student loan debt and discuss your deferral options:
contact Loan Lawyers today!