I can't afford my student loan payments in full, what are my options?
Answers:
First, are you attending school at least half-time? If so, you may be able to defer your student loan payments until after you graduate. Also, if you do defer, you can make payments, but no payment will actually be due. Interest will accrue, but you can pay the interest so that it's not capitalized.
If you can't defer, you may be able to ask for a forbearance. Or, there may be any another payment plan, such as income-sensitive, or interest-only that may be less.
You also may want to consider consolidating your loans, which will lower the monthly payment. You extend the repayment period, but often times you can lock in a low interest rate too.
But no matter which option you choose, contact your lender before you become past due. By helping you they ensure that they will get paid. And, you save your credit.
talk with your loan company they should be able to work something out with you, as long as you keep making payments thats all they want.
good luck
We had a lot of problems too with layoffs. We simply called the lender, explained the problem and they put us on forebarence for 24 months until we were able to start paying full payments. I would also suggest if you do this to pay as much as you can each month to keep the interest down and get the principal down.
Call the people who hold your loan. They don't want you to default, and they will offer you some realistic options. Also, if you are still attending classes, I don't think they will put you into repayment.
You can put them in forebearance, but the interest still accumulates and compounds. Consider that as a last resort.
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