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Student Loan Solver

Student Loan Solver


Student Loan Solver

Forbearance & Deferment

Temporary Relief for Your Student Loan Payments

Life happens, and not always as planned. Whether you’re out of work for a season, have unexpected, medical bills, or experiencing financial difficulties, affording your monthly student loan payments on top of it all can be impossible.

Forbearance and Deferment

You may be eligible for forbearance or deferment from your loan servicer if you’re in a situation where you can’t pay what you owe, and if your loan meets certain requirements (e.g. in good standing). If granted, you can stop or reduce payments for a period to avoid defaulting on your loan.

Forbearance and deferment are essentially the same, except the terms of interest. With a deferment, you’re not responsible for paying accrued interest on federally subsidized loans, but will need to pay that amount with forbearance.

Is a Temporary Fix Right for You?

Student loan servicers will push you towards a forbearance or a deferment as a quick fix if you can’t afford payments. Sometimes this is in your best interest, but they won’t always tell you about better alternatives.

The key: If possible, don’t stop paying until forbearance or deferment has been approved.

Student Loan Solver’s team can review your specific situation to see if applying for a forbearance or deferment is your best bet. Many times, a month or two of temporary relief can make a dramatic difference in the ability to continue payments. We can also help weigh the pros and cons of alternative solutions to high or unaffordable student loan payments. Give us a call for a free initial consultation with a Student Loan Advisor today.

Each student loan solution has different qualifications, so call us for more information on eligibility.

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