Many college graduates often leave school with some form of student loan debt. This debt can range in amount and the source of that student loan debt can vary as well. Since the economy has been unwelcoming to many college graduates or those who have been employed for years, there are those who are turning to student loan unemployment forbearance options.
Typically, a federal student loan is going to be a little easier work with when it comes to getting a forbearance due to unemployment. Federal student loan company Direct Loans offers many options for people with federal student loans who may be struggling with their student debt.
Student loan consolidation options, deferment, and forbearance options are offered through this federal lender and anyone that may be struggling with their student loan debt, and has federal loans, may want to contact their lender to ask about a forbearance plan which would allow anyone with student debt to forgo paying on their student loans for a certain amount of time.
College graduates with private student loans may have options as well, however, no matter what type of student loan one has the best way to find out what options are specifically available is to contact one’s lender and ask about assistance for anyone who is struggling with unemployment.
Defaulting on a student loan is something that many people choose to do because they feel they cannot pay off their student debt. Yet, shirking one’s responsibility to repay student debt is going to hurt your credit and it’s unnecessary due to a variety of options like forbearance plans, student loan forgiveness, and even income-based repayment plans.
If student loans debt is financially straining to you, again, contacting your lender is going to be the best way to find out what specific options are available to help you through a troubling time.