When you have a difficult time covering your basic bills, you may not be able to continue making student loan payments. Fortunately, you have the option to put your student loans on deferment. This will protect your credit score and prevent you from paying late fees or other penalties. Being married should not affect your ability to put your student loan on deferment.
Getting a Loan Deferment
You can qualify for deferment for a variety of reasons. You will need to fill out an application with a reason explaining why you are asking for a deferment. The lender will ask for proof of your current income and other extenuating circumstances. If you are married, you can still qualify for student loan deferment, but the lender will take into account your total household income when determining your eligibility.
Payment Options
Another option is to lower your monthly student loan payments. Student loan consolidation allows you to combine all of your student loans into one monthly payment. You can extend the life of the loan and lower your monthly payment, although this will increase the amount of interest you pay over time. You can also apply for an income-based payment option. You will need to reapply for this option each year, but it can significantly lower the amount you pay each month.
Student Loan Forgiveness
There are student loan forgiveness programs available to you. If you are a teacher, you can qualify to have your student loan forgiven after teaching in a public school for five years. During this time you must make regular payments on your loan. If you work in the public sector, you can have your loan forgiven after 10 years of service. The loan must stay current the entire time as well. You can also qualify to have the remainder of your student loan forgiven after income-based payments for 25 years.
Student Loan Help
Student loans will not be discharged during bankruptcy, but lenders are willing to work with you when you have a difficult time making payments. Contact your lender if you cannot make your current payments due to extenuating circumstances. Rather than skipping a payment and being penalized with rate hikes and penalties, apply for an option that will temporarily ease the amount you need to pay each month. Although there is a limited number of months you can put your loan on deferment, you should take advantage of the option if it's a matter of meeting your family's basic needs first.
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