Many college graduates are entering a difficult economy where jobs aren’t as plentiful as they once were. However, student financial aid debt doesn’t disappear for that reason, so many graduates are looking into deferment options available from their lender.
Rather than simply defaulting on student loans, which starts out a student’s financial life on a bad note, there are deferment options available to those graduates that are unable to make ends meet, let alone make payments on student loans.
One common form of deferment being used is a simple unemployment deferment. This type of deferment, from most lenders, lasts for a few months, typically six, and when the deferment term expires the graduate simply reapplies and can do so for up to three years, or until they get a job.
While there are many options available to college graduates unable to pay for their student loans, college graduates looking for student loan assistance will want to check with their particular lenders to see which options are available to them specifically. While your end goal should be to get out of student loan debt completely, you may be able to benefit from a short-term deferment, but make sure it is the right option for you before proceeding.