How I Got Help With My Student Loans | Student Loan Payments | Bad Credit Student Loans | Private Student Loans 2016

Student Loan Debt Consolidation is hard to live with when you find yourself in tough financial times. At least that was the case for me when I recently lost my job and was not sure how I was going to continue making payments on my loan. I certainly did not want to fall into a delinquent status, or worse yet, stop paying my loans completely. I knew that could harm my credit and cause more financial stress in the future. This is How I Got Help With My Student Loans.My first step involved calling my lender to see what kind of help they would offer me. I was fortunate in that my loans were both federally backed loans, rather than Simple Way To Get_Private Student Loans, so forgiveness programs were available to assist me.

My lender first asked me some general questions to determine which programs I might qualify for Bad Credit Student Loans. He asked what my current work situation was like, if I had any income at all and if I would be able to return to work in the future. At the time, I was actively looking for a job, but I was without any income. Because of this, my lender discussed with me deferment and forebearance options. A deferment would help with my Student Loans by allowing me to stop making payments for a period of time.

Student Loan | Student Loan Repayment | Subsidized Student Loan | Low Interest Rate Student Loan

On my subsidized loan, taking this option would mean my interest was paid for me while the loan was in deferment. On my Unsubsidized loan, the interest would accrue, but I would not have to make any Student Loan Repayments until the end of my deferment period. I met the qualifications for this option because I was out of work, but if I was out of work for more than a three year period of time, I would no longer qualify. A forebearance was also discussed in the event that I did not qualify for the deferment. This option would also allow me to stop making payments on my loan, but interest would accrue on both my Subsidized and Unsubsidized Student Loan. With this option, I could remain free from payments for up to twelve months without any negative impact on my credit.In addition to these two options, my lender stated I could receive further help with my Federal Student Loans Consolidation Program 2016.

He suggested I do this once I returned to work, as it would Low Interest Rate Student Loan and mean that I had to make payments on one loan, rather than several different ones. When I looked into this option, I found that it would reduce the amount I would be responsible for paying each month, saving me several thousand dollars over the life of the loan. Ultimately, I decided to go with a loan deferment. My lender sent me the paperwork, and I was approved quickly. He further explained that it was important I continue to update the lender about my employment status, as I would once again be responsible for making payments once I returned to work.

Biphoo

14 Jul 2016

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