Should You Seek a Deferment for Your Student Loans?
You have rights to student loans deferment, especially if you have federally guaranteed student loans. There are several things to know about student loans before you go into a deferment program.
The first of these is that you need to do everything within your power to avoid defaulting on your student loans. There are thousands of horror stories about people who didn’t understand the seriousness of this and who allowed their student loans to default. Many now owe three or four times the amount of money they originally borrowed because of the huge penalties they were assessed, and they will literally be paying off those loans for the rest of their lives. Never, never allow your loans to go into default. A loan deferment is one tool you can use if you are in danger of this. Other tools include entering into a debt consolidation program which is possible on certain types of loans.
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