Forbearance and Deferment of Student Loan Debt

If you are one of the unlucky ones who finds yourself out of college and unable to find a suitable job, you are just simply unable to pay back your student loan debt. In this type of situation, one of the best things that you can do is look into a deferment or forbearance of your student loan, which allows you to temporarily stop monthly payments until you find a suitable job in which you can afford to pay your bills.

Qualifications for Deferment and Forbearance:

• You are either unemployed or working minimal hours
• Temporarily disabled
• Full-time student (such as graduate student)
• Seriously injured
• Pregnant or full-time care giver and unable to work
• In the Military
• In the Peace Corps
• Receiving state or federal aid

These are just some of the main ways in which you can be eligible for a deferment plan. If you feel that your circumstance is a valid reason for deferment, you should speak with your loan office.