What happens if you find yourself unable to pay back your student loan? Rather than ignore the payments, try contacting the student loan officer at your bank and ask about a deferment. A deferment will allow you to put off paying in any of the following circumstances.
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Pregnant or Caring For a Newborn.
If you are not working, no longer in school, and have attended school within the last 6 months for at least halt-time, you may qualify for the parental leave student loan deferment. You will be asked to provide proof in the form of documentation regarding your current situation.
- If you are caring for an adoptive child, you'll need to get a statement from the adoption agency referencing the adopted child's placement. Certification from your school concerning your enrollment status over the previous 6 months may also be required
Economic Hardship - The way this works is in you need to have income below the low standard of living as determined by the U.S. Bureau of Statistics. Keep in mind you may need to provide proof in this situation, similar to the parental loan deferment.
In-school Deferment - As long as you are enrolled atleast half-time no interest accrues and no payments are required until after a six-month grace period after you ceases to be enrolled at least half-time.
Disability - In the unfortunate case that you may become disabled and unable to work for more than 60 days, or you need to care for a disabled spouse or dependent for more than 90 days, then you may be eligible for deferment.
Unemployment - You'll need to be working less than 30 hours per week and you must prove your case in order to qualify for a deferment.
Paying Off Defaulted Student Loans.
If you have not made your federal Stafford, PLUS or Graduate PLUS loan payment in over 270 days, your student loan will be considered in default. What can you do about this to keep your credit from being ruined?
Having a defaulted Stafford, PLUS or Graduate PLUS loan on your credit report will cost you dearly in the long run. The bad mark will mean higher interest rates and credit denials until it is cleared, a minimum of 7 years. Even if you pay the loan in full it will still be marked as defaulted. There is only one way out of this predicament - loan rehabilitation.
Contact your lender and make arrangements to pay back your student loan and you are on your way to a clean credit report. Your lender wants to get paid, and they know the best way for that to happen is to work with you to come up with a payment you can afford. When you reach a satisfactory repayment agreement with your lender stick to it!
After nine full payments on your defaulted Stafford, PLUS or Graduate PLUS loan made within twenty days of their due dates (twelve full payments for Perkins loans) your loan will be taken out of default status and your credit record will be clean. These must be voluntary payments. Garnishment or other forced payments do not count. As soon as your default status is cleared you will be free to consolidate your loans and lower your payments even more.
While you may be able to consolidate after three consecutive payments your loan will not be taken out of default status. This will be marked on your credit record as "defaulted, paid in full" and still considered a black mark so loan rehabilitation before consolidation is mandatory for a clean credit history.
What are Student Loans | Student loans consolidation. |
Paying off defaulted student loans
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