Student loan financial aid debt is a tough fight for anyone just out of college facing a mountain of student loans and wondering how they will ever be paid. With the job market at such a weak point and many wondering if they will even have an income, not to mention enough money to pay back student loan financial aid, many students are wondering what can be done. If there are hardships then forbearance may be the key.
To begin, most of the time you have anywhere from six to nine months to pay back student loan financial aid after you graduate so you don’t have to write a check to your lender as you leave graduation or anything like that.
Like most people, you will have more than one student loan, possibly from more than one lender. If this is the case, look for student loan corporations that will offer you a low interest rate if you consolidate with them.
Now, if you consolidate you have one interest payment so all your student loan financial aid ducks should be in a row. If you can, pay on the interest and wait until your student loan financial aid payments come due to access you situation. If you have a job and can save for six months or so then start making payments and get the student loan out of your life A.S.A.P!
If you are struggling in this almost nonexistent job market we are dealing with at the present, then call your lender, simply explain you are having financial difficulty and since you don’t want to default you need to go into forbearance. Forbearance is a period of forgiveness where you don’t make payments but interest can still pile up.
If you go into forbearance it can be month to month or sometimes up to two years, but it is only a period of time to get on your feet financially. Forbearance is an excellent way to take the stress off having to repay student loans when you have no money, but remember that interest is still coming and a forbearance period can’t last forever.
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