(ThePennyWatcher.com) – If you are a student that has loans, there has been some back and forth changes that have taken place going back to last year in 2023.
However there are still a few exemptions that still may allow you to extend the forbearance and delay period.
If you can answer yes to these you may be in a good position to qualify:
- Are you still in school?
- Are you unemployed?
- Are you experiencing financial hardship?
If you are not sure, you have some options to see if you do in fact qualify.
Contact the Department of Education’s website for more information on student loan options.
Keep some things in mind when coming up on your re-payment:
Create a budget
It’s smart to have and make a plan for how your going to plan to afford any upcoming payments. There are things you can do including increasing your income and cutting expenses.
Contact your loan servicer
It’s also important to contact your loan servicer as they can help you understand your repayment options. You can then customize a plan that will work for you.
Make your payments on time
Make your payments on time!
Late payments will only damage your credit score and make it more difficult to get a loan in the future.
Consider refinancing your loans
This is one of the most overlooked options you have at your disposal. You can look into consolidating your existing loans and reducing interest rates.
No doubt there are many resources available to help you, so make sure you look into all of your options! Take a deep breathe and review your current situation to see what is the best next path forward.
You may have more options than you think, and in a time where you find repayment of your loans a daunting task, you can be confident that there are programs in place to helps folks from all walks of life in this arena.
