12.07.09 | Can I defer my student loans?
The average student who graduated from college in the spring of 2009 has $23,000 in student loan debt. If you are in this boat and have come to the end of your loan grace period it is important that you start repaying right away or have a solid deferment plan in place to avoid going into default. If you are not sure if you can defer your loans, here are the situations that qualify for federal student loan deferment:
-You are in school: If you are in graduate school at least halftime you can defer your loans.
-You are unemployed: If you are unemployed you can defer your loans for up to three years.
-You are in an approved program: If you are studying in an approved graduate fellowship or rehabilitation program for the disabled you can defer your loans.
-You have an economic hardship: If you have an economic hardship that qualifies you can defer your loans for up to three years.
It is best to consolidate your student loans before deferring them. If you defer before consolidation your interest rates will continue to fluctuate, however if you consolidate first your rates will be locked in.
If you qualify for one of these deferment options you can find all of the forms you will need to notify your lender on our Student Loan Application and Form Center page.
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Hello
My tuition fees are from the same lender Sallie Mae. how will you contact sallie mae to know that I am paying off the tuition every month through you.
December 17th, 2009 | #