Student Loan Deferrals
One of the most common kinds of consumer debt is student loans, or loans that people take from banks or other sources to pay for their college educations. Most of the loans require students to begin making payments within six to nine months after graduation. Of course, few people can find high-paying jobs in that time, leaving many recent graduates with seemingly overwhelming debts.
The good news is that many student loans include provisions for people who are unable to pay them, including deferrals. If you are struggling to cover all of your debts and still meet your basic needs, Austin bankruptcy lawyers Slater, Kennon & Jameson, LLP can provide legal information that may help.
Deferral Eligibility
A deferral is a way to postpone making payments on your student loans. Depending on the kind of loan you have, you may not even need to pay the interest accumulated during the deferral period. You may be eligible for a student loan deferral if you are:
- Enrolled in school half-time or full-time, or working on a graduate school fellowship
- Participating in physical rehabilitation full-time
- Unable to find a job, or experiencing other financial hardships
- Serving in the US armed forces
- Working for certain volunteer programs that may offer student loan deferrals
A deferral is only temporary, but it may provide the time you need to earn extra money.
Contact an Austin Bankruptcy Lawyer
Student loans are not dischargeable in a bankruptcy. However, Austin bankruptcy attorneys Slater, Kennon & Jameson, LLP can give you valuable information about debt management and your legal options. Contact us today at 512-338-1100.