| Thousands of students are tied up in financial | | | | forbearance. In order to qualify, you must be one of |
| predicaments. Without grants and scholarship money, | | | | the following: |
| tuition rates are oftentimes too high for students to | | | | In poor health |
| pay out of pocket. In many cases, students turn to | | | | Suffering unforeseeable personal problems |
| lender to take out a loan in hopes of graduating from | | | | Unable to repay your loan within the maximum |
| college with a job that will make it easy to repay their | | | | repayment term (10 years) |
| debts. Unfortunately, the current economic recession is | | | | Paying more than 20% of your monthly income to |
| making job opportunities for post-graduates pretty | | | | repay your loans |
| dismal. This dilemma frequently causes recent | | | | To pursue a deferral or forbearance, contact your |
| graduates to default on their student loans. | | | | loan provider and explain your situation. You will have |
| Deferral | | | | to fill out extensive paperwork explaining your |
| If you are struggling to pay back your student loans, | | | | predicament. |
| you do have options. In order to post-pone payment | | | | Bankruptcy |
| on your loans, you must be one of the following: | | | | If you do not qualify for either option, you may want to |
| Enrolled in graduate school, or have been granted | | | | consider discharging your student loan through |
| an internship or fellowship for continuing education | | | | bankruptcy. While student loans are rarely relieved this |
| Unable to work due to a physical disability | | | | way, it is possible. In order to do so, you must have the |
| Unemployed | | | | help of a qualified attorney who can convince the |
| Undergoing financial hardships | | | | court that repaying your loan would cause you serious |
| In the peace corps, or a similar volunteer | | | | financial hardship. When evaluating a bankruptcy |
| organization | | | | discharge, the court considers your income and |
| A new parent, or working mother | | | | expenses, how long your financial hardships are likely |
| In, or recently released from, the military | | | | to continue, and how hard you have tried to repay |
| Additionally, in order to be eligible for a deferment, you | | | | your debt. |
| must be in your 6-9 month grace period following | | | | For more information about how to defer student |
| graduation, and you must not have defaulted on your | | | | loans, or to learn about the benefits of filing for |
| loan payments. | | | | bankruptcy, contact the West Palm Beach bankruptcy |
| Forbearance | | | | attorneys at the law office of Eric N. Klein & |
| If you cannot qualify for a deferment, you may pursue | | | | Associates today. |