Student loans can be crippling on a household budget. The average monthly student loan payment across 44 million student loan borrowers is $351. That’s a lot of money each month, but say you were able to fit it into the budget somehow — maybe you cut out entertainment funds or found a way to spend less on groceries. However you did it, you make those payments and you survive. Now what if something comes up? Say your kid gets sick and needs medication; or you lose your job and have trouble finding a new one. If your only option is to use the budgeted student loan payment, do you skip your payment this month? Or are there better options?
The answer is simple: You can delay your federal student loan payments by applying for deferment or forbearance. What’s the difference? And which is better for your situation?
No matter which choice you make, delaying loan payments is better than choosing to default or go delinquent on your student loans. Student loans, unlike many other debts, will stick with you even through bankruptcy. So make sure you always have a proactive approach to your own student loans and delay payments when you need to.
And if you need help, there are plenty of people out there with the right knowledge to help you.
Options are available to help
Most people do not realize that there are programs designed to help those who may be struggling with their student loan payments. Thousands of borrowers have trusted Ameritech Financial to be their advocate. Click here to find out what options are available. Our services could help you get back on track.Get Started Learn More