Help, I Can’t Pay Back My Student Loan!
What happens if you find yourself unable to pay back your student loan? Rather than ignore the payments, try contacting the student loan officer at your bank and ask about a deferment. A deferment will allow you to put off paying in any of the following circumstances:
1. Pregnant or Caring For a Newborn - If you are not working, no longer in school, and have attended school within the last 6 months for at least halt-time, you may qualify for the parental leave student loan deferment. You will be asked to provide proof in the form of documentation regarding your current situation. If you are caring for an adoptive child, you'll need to get a statement from the adoption agency referencing the adopted child's placement. Certification from your school concerning your enrollment status over the previous 6 months may also be required
2. Economic Hardship - The way this works is in you need to have income below the low standard of living as determined by the U.S. Bureau of Statistics. Keep in mind you may need to provide proof in this situation, similar to the parental loan deferment.
3. In-school Deferment - As long as you are enrolled at least half-time no interest accrues and no payments are required until after a six-month grace period after you ceases to be enrolled at least half-time.
4. Disability - In the unfortunate case that you may become disabled and unable to work for more than 60 days, or you need to care for a disabled spouse or dependent for more than 90 days, then you may be eligible for deferment.
5. Unemployment - You'll need to be working less than 30 hours per week and you must prove your case in order to qualify for a deferment.
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