Boca Raton Bankruptcy Lawyer

Deferring Student Loans

Paying off large student loans may become too much for someone to handle at a specific point in time. The debtor may have become recently unemployed and therefore lacks the funds necessary to make large monthly payments. The student may wish to return to school or take on an educational fellowship. There are many reasons why an individual may choose to delay payments of student loans.

How do I defer my student loans?

In order to begin the process of deferring your student loans, you must first check to ensure that you are eligible for this change in your payment plan. Any of the following conditions is sufficient for one to qualify for deference:

• Temporary or permanent total disability
• Enrollment in a disability rehabilitation program
• Unemployment
• Economic hardship
• Return to school
• Enlistment in the armed services
• Teaching in a low-income area
• Working in a community service program
• Working in law enforcement or as a health care professional
• Certain special conditions

If you find that any of the above conditions applies to your situation, then you are probably in a place where you can apply for deference of your student loans.

Other alternatives

If you feel as though deferring your student loans isn’t the right option for you, there are other options available to ease the strain of making several large payments each month. Loan consolidation is a good option for those who wish to combine all payments into a single, simple expense each month. It also provides the opportunity for one to restructure his or her payment plan to reduce the amount of monthly payments or the overall interest rate.

Contact Us

For more information on student loan deferrals, the Boca Raton bankruptcy lawyer of Eric N. Klein & Associates, P.A. can help you. Please contact their law offices today at 561-353-2800 to schedule an appointment.