Are you having difficulty repaying your college debts?
At one time or another, borrowers find that they are stuck financially and cannot go on making payments therefore they are looking for ways to postpone student loan payments. There are two ways to do this: through forbearance and deferment. Each of these methods has different requirements that a borrower must meet to qualify.
The one requirement they have in common though is that you must not be on default. If your debts are on default the lender will reserve the right to demand immediate repayment of the full remaining amount. Even if you are in the process of applying for the postponement of your repayment, keep making payments until you are approved for forbearance or deferment.
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What is a deferment?
This lets you to stop paying your debts temporarily for 3 years maximum. Your interest rate will continue to accrue during the deferment period though the procedure may vary depending on the type of debt you have. If you have a subsidized Federal debt, the government pays the accrued interest. If your debt is unsubsidized, the accrued interest will be added to the principal amount.
You can apply for deferment if you are experiencing severe economic crisis, unemployed, went back to school (part-time) or deployed in the military. If you are not eligible for deferment or perhaps you have used up your deferment period already, you may opt for debt forbearance.
What is forbearance?
This is similar to debt deferment where you postpone student loan payments or have your repayment stopped or reduced. The difference is that the interest will accrue on both subsidized and unsubsidized debts and you will have to pay it. This method can allow you to stop the repayment totally or make interest only repayments. Forbearance doesn't have any specific eligibility requirements and you can apply as many times as necessary.
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