Rauser & Associates Legal Clinic LLP
Call Now For A Free Consultation! 888-8-HELP-US (888-843-5787)

Dealing with student loans

There are a number of ways to pay off student loan debt. Failing to pay off your loan might have severe consequences. There are certain government programs that may help when you are struggling with student loan payment. These programs either limit monthly payments to a fixed percentage of your discretionary income, or absolve you of your federal loans. However there is a strict eligibility criteria for such programs and only people who meet certain requirements can benefit from them.


Student loan deferment and forbearance are two student loan strategies that allow you to delay paying off your loans for a limited period. While they're helpful in many cases, you should choose these strategies with consideration as the consequences might not be easy to comprehend.

Student loan deferment is when you are permitted to stop making payments for some time. This is only possible if you prove that you qualify. You may be able to obtain a deferment if you show that you are unemployed, are returning to school or going through economic hardship. Through deferment, you can either pay the interest or let it build onto the principal. For certain subsidized loans, unpaid interest may not accrue to the principal at all. You need to see which type of deferment you are eligible for.

If you are ineligible for a deferment, you may delay payments by loan forbearance. Like deferment, loan forbearance allows you to suspend payments for a limited time. However, unpaid interest will be added to the principal whether the loan is subsidized or unsubsidized. You must keep in mind that due to the interest added to the principal, your loan balance might end up higher when you come out of the forbearance. Forbearances are easier to obtain compared to deferments.

You might want to consider hiring an attorney to help you decide which option suits you best. An experienced attorney would assist you in taking the route which best suits your needs.


No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us For Your Free Legal Evaluation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Rauser & Associates Legal Clinic LLP

Akron Office
1 Cascade Plaza
Suite 1410
Akron, OH 44308

Toll Free: 888-843-5787
Map & Directions

Canton Office
401 W. Tuscarawas
Suite 400
Canton, OH 44702

Toll Free: 888-843-5787
Map & Directions

Cleveland Office
614 West Superior Avenue
Suite 950
Cleveland, OH 44113

Toll Free: 888-843-5787
Map & Directions

Columbus Office
5 East Long Street
Suite 300
Columbus, OH 43215

Toll Free: 888-843-5787
Map & Directions

Elyria Office
347 Midway Mall Blvd
Suite 201
Elyria, OH 44035

Toll Free: 888-843-5787
Map & Directions

Toledo Office
316 North Michigan Street
Suite 420
Toledo, OH 43604

Toll Free: 888-843-5787
Map & Directions

Youngstown Office
26 Market Street
Suite 1001
Youngstown, OH 44503

Toll Free: 888-843-5787
Map & Directions