Credit and Financing




Home Mortgage

Home Refinance

Second Mortgage

Reverse Mortgages

Home Equity Loans

VA Home Loans

FHA Loans

Credit Cards

Reward Cards

Debit Cards

Cash Advances

Payday Loans

Personal Loans

Auto Loans

Motorcycle Loans

Auto Refinance

Debt Consolidation

SubPrime Loans

Military Loans

Student Loans

Stafford Loans

Direct Loans

Business Loans

Line of Credit



Mortgage Rates

Interest Rates

Loan Calculators

Credit Report

Credit Repair

Student Loan Debt

Your student loan debt is a legal obligation and can be a 10- to 30-year financial commitment. Don’t ignore debt. It won’t go away!

There are ways to get help, including changing your payment due date, repayment options, deferment or forbearance.

Why is missing a payment a problem?
If you don’t make a payment on time or if you start missing payments—even one—your loan is considered delinquent and late fees can be assessed. If you are making late or partial payments, contact your lender or servicer immediately for help. If you don’t make payments for more than 270 days, your loan will default and your credit rating could suffer. If your credit rating is affected, you may be denied future education or consumer loans, and you may not be able to obtain a mortgage or rent an apartment.

What is a deferment?
A deferment is a period in which repayment of the principal balance is temporarily postponed if you meet certain requirements. During a deferment, if the loan is subsidized, the government pays the interest charged.

For unsubsidized loans (including PLUS loans), you're responsible for the interest that accrues during the deferment period.

If you have unsubsidized loans, when you resume making payments at the end of the deferment period, any unpaid interest will be capitalized (added to the principal balance).

If you do not meet the requirements for a deferment, you may still be eligible for forbearance.

What is forbearance?
Forbearance allows you to postpone or reduce your monthly payment amount for a limited and specific period if you are temporarily unable to make your scheduled loan payments for reasons including, but not limited to, financial hardship or illness.

You must request forbearance from your loan holder.

You're responsible for the interest that accrues during forbearance on all loan types, including Subsidized Stafford Loans. When you resume making payments at the end of the forbearance period, unpaid interest will be capitalized (added to the principal balance).

Your loan holder is required to grant you forbearance under certain conditions.:

Loan Discharge or Forgiveness
Some employers such as state or local governments offer loan repayment in return for working in a job that’s in great demand. There are also programs offered by some schools that will assume a portion of your debt. If loan forgiveness is something you’d like to explore, begin by asking at your school or workplace.

Forgiveness of a loan is based on the borrower performing certain services such as teaching in a low-income school. A defaulted loan can’t be canceled based on qualifying service (e.g., teaching).


Home Page
Custom Search
Site MapAdvertise With UsAbout Us

Legal Resource Center

Payless Insurance

Center For Debt

Tax Services

Financial Resource Center

  Our Privacy Policy © Copyright 2009 Gelinas Associates - All Rights Reserved