Getting into college is never easy especially if you don’t have enough resources to pay for your tuition. Of course, you will look for ways to support your dreams of getting a college degree. However sometimes dreams don’t come true and you find yourself saddled with mounting student loan debt with no way to pay them back. That is why you need to know about your options should you find yourself in the unfortunate situation of not being able to make your student loan payments and you can’t count on the student loan forgiveness options to get you out of a jam.
Student loan deferment means that the borrower or the Federal Government will let you temporarily suspend repayment of your student loans.
To know more about the kinds of student loan deferments, here is the list of the options that you me be qualified applying to.
Economic Loan Deferment
This type of deferment is divided into two categories, the Economic Hardships and the Unemployment Deferments. For you to qualify into one of these programs, you must present legal documents to prove that you are unemployed or your annual earnings fall below the minimum wage guidelines. You may have to keep reapplying until your situation improves.
Parental or Family Loan Deferment
This type of deferment is given to students who are pregnant or just have given birth. It’s also for families who have recently adopted a child. In most cases this deferment is given to females. But if you are a guy and you are taking care of your newborn child or have newly adopted a baby and you cannot work because of this, then you are eligible to apply in this program.
Disability or Rehabilitation Loan Deferment
As it name suggests, disability, you must be physically disabled, injured, or undergoing a rehabilitation process to acquire this program. In any case that you are not allowed to work full time because you are taking care of your spouse or dependent, you may also be qualified to apply for this. You need to remember though that when you are applying for the rehabilitation category, the institution you are in must be accredited or recognized by the state in order to be approved.
Education Loan Deferment
This type of deferment is given to a student who is at least attending the school in half-time status. What is half-time status? Half time status means you are enrolled in the school with half the load you are supposed to take for that term.
Public Service Loan Deferment
This loan deferment is given to students who have served full time in these following public services:
- Military service
- Public Health Service
- Peace Corps
- Tax Exempt Organization / Volunteer
- NOAA or the National Oceanic and Atmospheric Administration
These are the student loan deferments available to students today. There is no reason why you can’t go to college and make your dreams happen. But you must also remember that before getting a student loan, ask as many questions as you can so that everything is clear to you. And remember that you have somewhat of a safety net should you need it while repaying your student loans.
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