Are you struggling to keep up with your student loan payments and wondering if there’s a way to get some relief? Deferment might be an option, and a Fort Lauderdale student loan lawyer at Loan Lawyers can help you determine whether you qualify. In this article, we tell you what you need to know about student loan debt deferral in Fort Lauderdale and how it could work for you.
What Is Deferment?
Deferment is a temporary break from your obligation to repay your student loans. If you qualify, you won’t have to make payments for a set time. This can be helpful if your resources are currently limited, like if you’re back in school, facing financial hardship, or serving in the military.
Note that Interest might still add up on your loans during this break, especially if you have unsubsidized loans. Still, if you’re struggling to pay your student loan debts, deferment can give you breathing room to get your finances back on track without hurting your credit score.
How Can You Apply for Student Loan Deferral?
You have several options for applying for a student loan deferral. In most cases, you can apply online, by mail email, or over the phone.
If you prefer to go online, check your loan servicer’s website for the right forms. Follow the instructions on the website or form to complete and submit the application.
First, to apply by mail or email, determine which type of deferral you need. Then, fill out the specific form for that kind of deferral. You’ll also need to collect any documents that show you’re eligible. Finally, you’ll mail or email everything to your federal student loan servicer.
If you prefer talking to someone over the phone, call your loan servicer directly. They’ll walk you through the steps, explain how to apply, and answer any of your questions.
Types of Student Loan Deferment
If you need a break from paying your student loans, you can consider different types of deferment options. Each type has specific requirements you must meet to qualify.
The following are common deferment types:
- In-School Deferment – For students enrolled at least half-time in college or a career school, or who are enrolled in a graduate fellowship program
- Unemployment Deferment – For those who are looking for full-time work but can’t find jobs
- Economic Hardship Deferment – For those facing difficult financial situations
- Military Service and Post-Active Duty Student Deferment – For those who are serving in the military or have just finished their service
- Parent PLUS Borrower Deferment – Parents with PLUS loans (Parent Loan for Undergraduate Students) for their children’s education could get deferments while their children are in school and for six months after they finish
How Can Loan Lawyers Help with My Student Loan Deferral Application?
At Loan Lawyers, our experienced team understands the ins and outs of student loan deferments and can guide you through the process of applying for a deferral. We can:
- Determine whether you qualify for a deferral and help you select the right type
- Gather and review all the paperwork you need to submit
- Deal directly with your loan servicer to make sure they process your application correctly
- Explain the fine print to help you understand the specifics of your deferment
- Negotiate terms with lenders to possibly get better conditions for your deferment
- Handle appeals if your loan servicer denies your deferral request
- Advise you on further ways to seek student debt relief
Contact Our Fort Lauderdale Student Debt Attorneys Today
Are you struggling under the weight of student loan debt? Would you like to know more about what deferment is all about? Are you curious about student loan forgiveness programs? Our Fort Lauderdale foreclosure defense lawyer is ready to discuss your deferment options and help you with the next steps.
Contact Loan Lawyers today for a free, no-obligation initial consultation.
