Once youve graduated from college, its time to start thinking about how you will repay your student loans. This can be a problem for some students who are struggling to enter gracefully into the workplace.
Fortunately, there are several options for navigating the muddy waters on how to defer student loans and making the repayment simpler.
Defer Student Loans By Mail
Deferral is an option that you can consider if you find yourself unemployed after college. Most schools have a student loan form that you can fill out and mail to the financial aid office of your school. Private loans may or may not allow you to defer payment, so you will need to speak with the individual institution.
Defer Student Loans Online
Some schools have gone a step further and made it easy to defer your students online. You will likely need to provide your information, a reason for your deferral, and documentation to show that the deferral is valid.
The reasons for deferring a student loan are varied. If you enroll in further education, you can apply for deferral as long as you are enrolled at least half time. If you can prove economic hardship, you may also be eligible for loan deferral.
Typical cases of hardship include unemployment or large amounts of documented medical expenses. Each institution varies on what they require when looking at how to defer student loans; it isnt a universal science.
How to Consolidate Private Student Loans
One option for students who have received funding from outside sources is to consolidate private student loans. This makes it easier to repay, since you make your payments to one institution rather than many. In order to go about this, speak with one of the many private student loan consolidation companies that you would like to hold your new, consolidated student loan. Two popular such products are
- Wells Fargo private student loan consolidation
- Citibank private student loan consolidation
They will initiate the process of acquiring your loans and allowing you to pay them directly, ultimately allowing you to consolidate private student loans. There are many other private student loan consolidation companies that are willing to assist in this same process, you just have to look for them. If youre wondering whether or not you can consolidate private student loans while they are in deferment, that is something you will have to speak with the consolidation company about; the answer varies.
Tips for Refinancing Student Loans
Refinancing student loans is a big step towards getting your debts paid off. If you can work out a repayment schedule that works better for both you and the financing institution, then this can be a win-win situation. Options like consolidating and going through a different institution can also work as long as you are sure about the new terms of your payments and interest.
The biggest takeaway from these options is to always know what youre getting into. Realize that unless you are dealing directly with your Universitys financial aid office, it is likely that your financing institution has its own best interest in mind. For this reason, you need to protect yourself by familiarizing yourself well with the terms of any contract before you sign. If done successfully, a refinancing or consolidation option can take a big burden off of your shoulders.
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