Loan deferments
Loan deferments are available in certain situations that will then allow the students to be excused from their loans for the time being, deferring them to a later point in time. The upside to this is that in some cases, the interest-rate can be frozen, helping you from incurring even more debt. Usually, there are a number of conditions that you need to have in order to qualify. They usually include considerations like death, disability, extreme financial hardship, and continuing school, to name a few.Loan consolidation
Loan consolidation is another option with benefits, according to a report from U.S. News. Consolidating loans allows you to combine them together and extends your repayment period. However, one factor to keep in mind is the possibility of paying more interest over time. It is still a good option for those who have high loans, but an income that doesn't quality you for deferment.Income-based repayment
If you are able to pay off your student loans currently, but just not at the rate they require you to, income-based repayment option might be a good option to consider. Income-based repayment is exactly what it sounds like -- it calculates your repayment rate according to your current income. Usually, proof of your salary or financial situation is required. Related Resources:- 7 million students brace for surge in loan rates (CNN)
- Student Loan Repayment Options (FindLaw)
- 5 Tips to Consolidate Student Loans (FindLaw's Law and Daily Life)
- What Happens If You Default on Student Loans? (FindLaw's Law and Daily Life)