Direct Loans Education Related Deferment Request?

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Program can help grads pay off loans

The number of borrowers defaulting on federal student loans continues to rise. But even during the long and painful economic recovery, many of these defaults likely are unnecessary.

The federal government has long offered leniency for borrowers in financial hardship. But two years ago it added an income-based repayment plan that caps monthly payments based on a borrower’s income and family size.

If a borrower earns little or nothing, the monthly payment would be zero.

Yes, zero.

And after 25 years, any remaining balance is forgiven.

It’s impossible to find such a generous break from any private lender.

“Given income-based repayment, there really is no reason why anybody should default on their loans,” said Mark Kantrowitz, publisher of FinAid.org, a website that provides student-aid information.

Still, he added, “a lot of students who could benefit from it aren’t aware of it. They default rather than calling their lender before they default to investigate their options.”

Having Trouble With your Student Loan Payments? Look Into your ...

Forbearance allows you to temporarily reduce or postpone payments on your student loans. You may be able to request a forbearance if you’re unemployed or experiencing financial hardship. You must contact your lender to request a hardship forbearance, and you’ll typically need to complete a forbearance request form. You may also need to submit supporting documentation.

Generally, a lender can grant a forbearance for up to a year at a time. Unlike unemployment or hardship deferments, there is no three-year cumulative limit on discretionary forbearance periods granted due to financial hardship. lViews: 106

College Students Get a Jump on College Funding Strategy With Nextstudent

College students all over the United States probably have just gotten into the swing of summer, whether that means finally perfecting their golf swing, getting that deep tan, or acing the most recent quiz in summer school. In the midst of these activities and especially at this time of year, it is important to regroup and begin planning financially for the new school year, according to NextStudent, a leading Phoenix-based education funding company.