MPmomof3Student Loan Help for the Unemployed
March 5th 2010 14:45
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Unemployment and Student Loans
You worked hard, finally made it through college and, at last, landed a job. That job, however, was short lived for whatever reason, or maybe not. Maybe the downward spiral of the economy just made you the victim of corporate downsizing. Whatever the reason, now you are unemployed and still have that student loan payment looming over your head. Well, don't worry. There is hope. You just need to know what to do in order to give yourself a little financial breathing room.
One of my favorite websites for navigating the mayhem of student loan repayment is youcandealwithit.com, a service of American Education Services. It details several options for repaying student loans when you feel like you are in over your head. You can find them here and here. American Education Services also provides helpful tools for getting back on track with your repayment here.
A common way to delay student loan repayment during a temporary unemployment situation is student loan deferment. It is important to note, however, that unemployment deferment is a temporary fix and is only available for a limited amount of time. Forbearance is a less common temporary suspension of payments. Check with your student loan lender for details. You can find a definition of deferment as well as a definition of forbearance here.
One of my favorite websites for navigating the mayhem of student loan repayment is youcandealwithit.com, a service of American Education Services. It details several options for repaying student loans when you feel like you are in over your head. You can find them here and here. American Education Services also provides helpful tools for getting back on track with your repayment here.
A common way to delay student loan repayment during a temporary unemployment situation is student loan deferment. It is important to note, however, that unemployment deferment is a temporary fix and is only available for a limited amount of time. Forbearance is a less common temporary suspension of payments. Check with your student loan lender for details. You can find a definition of deferment as well as a definition of forbearance here.
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