Student loans are the primary financial means in which education is funded. There are many times, however, when the time to repay a student loan arises and the borrower is faced with the reality they simply can’t afford to begin repayment of their loan. It is then that a borrower begins to ask anyone who can answer how to get a deferred student loan. Those who have student loans should begin by speaking to their bank, creditor, financial institution or student loan lender, and discuss the possibility of deferment. There are no hard and fast rules as each lender will determine the process for deferment.
First, you must ensure that you truly can’t afford to repay the loan and that you simply aren’t putting your student loans on the back burner. Many banks, creditors and lenders, including the federal government, will defer student loans if you are still in school. Always speak to your lender directly and explain your situation honestly. As long as you are not trying to forego your student loans for reasons such as you have too many credit cards and simply don’t want to pay your loans but would rather go shopping, most lenders are willing to work with you. If you are having a financial hardship, you may find that you are eligible for deferment as well. The first step, however, is to speak to your lender and determine whether or not your situation makes you eligible for deferment.
It’s always a good idea to work with your lenders immediately and not wait for your account to fall into default. Many lenders will negotiate payment plans that you can afford, as long as they receive something. What you don’t want to do is put your student loans on the back burner, then let a long span of time go by until they fall into default. Even then, however, you’ll find that by speaking honestly to your lender to rectify the situation can have a positive outcome. Once lenders know that you are willing to repay the loan, they will be more willing to work with you. It is when they believe that you have not interest in repayment that things can get tight.
Sometimes a person encounters so much student loan debt that they look towards debt consolidation of their student loans in order to lower interest rates and fees and have one payment to remake. Before deciding which method is best for your student loan repayment, speak to a financial counselor as he or she may offer you suggestions you hadn’t previously thought of. For many, however, staying in school is key to having their student loans deferred. If you do not qualify for student loan deferment, then working with a professional financial counselor may be the best way to help you take charge of your finances and bridge the gap from being in debt to watching your finances grow.
Many lenders may use tactics that seem shocking in order to get repaid. Those who owe money to the federal government or state will find that it is impossible to truly avoid repaying their student loans as any income tax refunds headed your way will quickly bypass you, will go to the government instead and will be applied to the debt. Additionally, defaulting on student loans not only puts you into debt but can have serious legal consequences as well. Lenders may threaten to take you to court in order to get repaid. If you are facing legal issues regarding student loans and the lender has told you that you are ineligible for deferment, speak to a financial counselor to find out what your options are. Sometimes all it takes is a new perspective from an expert to reclaim your financial future and break free from debt.
Always work with your lenders and never hide from them. Make repaying your student loans a priority and if you feel you need to defer your loans, talk to your lender immediately. By working openly and honestly with your lender you will find that they will work with you.