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 finding for ways to postpone student loan payments. There are two ways to do this: straight through forbearance and deferment. Each of these methods has dissimilar requirements that a borrower must meet to qualify.
How to Postpone trainee Loan Payments
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 keep the right to quiz, immediate refund of the full remaining amount. Even if you are in the process of applying for the prolongation of your repayment, keep making payments until you are approved for forbearance or deferment.
What is a deferment?
This lets you to stop paying your debts temporarily for 3 years maximum. Your interest rate will continue to accrue while the deferment duration though the policy 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 critical amount.
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