When going through a financial hardship, one of the first things that people ignore is their student loans. Ignoring your student loans is one of the worst things you can do. Interest can still accumulate, and if you go into default on your loans, the school, financial institution and the government can take steps against you. We can help you find the best plan for when you 're having trouble paying your loans.
What is Default Exactly?
This happens when you don 't pay back your loans in a timely manner. The promissory note you signed to get the loan is your promise to pay the loan back to the financial institution. It 's a binding legal agreement.
If you don 't repay your loan month after month, you 'll be in default after 270 days of …show more content…
We can help you get a plan that 's based on your income. That will make the payments more manageable.
If you have more than one loan, consolidation might be the answer to your problems. It 'll combine all your loans into one monthly payment.
Deferment or Forbearance
With a deferment, you can ask that the payments stop for a certain amount of time. This can be helpful if you switch jobs or are unemployed. All interest and payments will stop during that time.
Deferments are possible while you 're still in school at least part time or if you 're in a fellowship program too.
They 're also possible for a period while you 're on active duty in the military as well as up to 13 months after returning.
Deferments are not automatically given in these circumstances. You 'll need to fill out a request with the financial institution detailing the circumstances that require a deferment. We can help you fill out the paperwork, and we can advise you on other situations that might be eligible for a deferment.
Cancellation and Discharge
In some situations, you can get a discharge of your student loan. You can 't get a discharge or cancellation even if you 're unhappy with your education or can 't find a job in your field of
What is Default Exactly?
This happens when you don 't pay back your loans in a timely manner. The promissory note you signed to get the loan is your promise to pay the loan back to the financial institution. It 's a binding legal agreement.
If you don 't repay your loan month after month, you 'll be in default after 270 days of …show more content…
We can help you get a plan that 's based on your income. That will make the payments more manageable.
If you have more than one loan, consolidation might be the answer to your problems. It 'll combine all your loans into one monthly payment.
Deferment or Forbearance
With a deferment, you can ask that the payments stop for a certain amount of time. This can be helpful if you switch jobs or are unemployed. All interest and payments will stop during that time.
Deferments are possible while you 're still in school at least part time or if you 're in a fellowship program too.
They 're also possible for a period while you 're on active duty in the military as well as up to 13 months after returning.
Deferments are not automatically given in these circumstances. You 'll need to fill out a request with the financial institution detailing the circumstances that require a deferment. We can help you fill out the paperwork, and we can advise you on other situations that might be eligible for a deferment.
Cancellation and Discharge
In some situations, you can get a discharge of your student loan. You can 't get a discharge or cancellation even if you 're unhappy with your education or can 't find a job in your field of