If your federal student loan payments are becoming difficult to make, there are some payment plans and options you may want to consider. Comparing student loan options can reduce stress and lower your student loan payments.
For those those who have been laid off or have seen a huge decrease in their family income, here are some options to consider with your federal student loans:
- Choose another repayment plan. You can ask from a graduated payment plan where the initial 24 payments are lower and slowly increases. As mention above, an income based payment plan can also ease the burden while you get back on your feet.
- Apply for a deferment. This option allows you to temporarily stop making payments on your student loan(s). You have to speak with a customer service representative to see if you qualify.
- Apply for a forbearance. You can temporarily make smaller student loan payments.
You can change your payment plan online at contact Federal Direct Loans. With deferments and forbearances, please call Federal Direct Loans at (800) 848-0979.
Have you already consolidated your loans? Have you received a deferment or forbearance?
Photo Credit: jennifercw