If you find your student loan grace period just a couple of months away, and you know you will not be able to make that first payment, do not stress. You can help yourself in many different ways, but you have to act at least 2 months before you are set to begin repayment just to be sure you will not be in default.
In these fragile economic times, paying off your student loan debt may seem like a daunting task, but it does not have to break your bank, There are several programs available to students who fear they will not be able to begin making payments, but again you have to act before you are already in default.
The Federal Government offers many alternatives, and one of them may just help to relieve some of repayment anxiety. For example are deferments. You can have more time than the usual 6 months before you have to begin repayment. First and foremost, contact your lender for the best options for you. A deferment is a temporary suspension of loan payments for specific situations such as re-enrollment in school, unemployment, or military service, and economic hardship. These are all legitimate reasons to ask for a deferment.
There is also an option called forbearance. Forbearance is very similar to the deferment. Each has their own special qualifications. If for some reason, you are not able to get a deferment, you can apply for forbearance, which is a temporary postponement. This can be granted for 12 months at a time and up to 3 years. Please do feel as if you are at the end of your rope. You do not have to choke yourself before you can receive assistance.
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