RICHMOND, Va. (WWBT) - Come September, if you are still struggling and your student loans pop back up for payment, you do have some options.
The first thing you may want to consider is an income-driven replacement plan according to our partners at the financial website Nerdwallet.
The benefits can include partial interest subsidies, monthly bills as low as $0, and loan forgiveness after 20 or 25 years of payments.
You can also defer your loan payment. If you’ve lost a job or have gotten sick, this is may be of interest to you. Deferment is usually available for up to three years but you do have to reapply periodically.
Your last resort would be forbearance, which you could get extended after September, but keep in mind interest will be added while you’re not paying. And that’s adding to your grand total.
Understand what options are available and gather your paperwork now. If you wait until September to contact your lender, you’re likely going to be on hold for a very long time.
Copyright 2021 WWBT. All rights reserved.