When you think you are going to have problems making the monthly payments, you need to take action immediately and use these answers to determine your best course of action: You should definitely consider it.
But first, let’s make sure we understand what it means.
Other programs to be aware of are the Public Service Loan Forgiveness Program and the Direct Consolidation Loan Program.
But if you’re in a position where you might not be able to make your student loan payments, your first step should be to get informed about your rights and learn what actions can help you navigate through this challenging situation.
In many cases, private lenders have similar rules regarding deferment eligibility.
If you are afraid of missing payments on a private loan, your first step should be to inquire about deferment.
Deferment on student loans means that you are not required to make your usual monthly payments (and if the loans are subsidized, then they won’t accrue interest either).
To qualify for deferment on federal loans, the Department of Education states that one of these conditions must be true: What about deferment for private student loans?
When you miss a payment on your student loan, it’s similar to what happens when you can’t pay your credit card, but it depends on exactly how late your payment is.