Student Loan Deferment Ending Soon: Here's What To Do If You Haven't Made a Payment in 3 Years
Student loan deferment is currently scheduled to end on September 1, 2023. If adding back student loan payments to your budget is a struggle, read on for some pro tips.- Contact your lender. The first step is to contact your lender and let them know that you're having trouble making payments. They may be able to work with you to create a payment plan that you can afford.
- Consider deferment or forbearance. If you're unable to make your payments, you may be able to defer or forbear your loans. Deferment means that your payments are temporarily suspended, while forbearance means that your payments are reduced. However, it's important to note that deferment and forbearance can have a negative impact on your credit score. Check your credit score here for free; it may have increased give model changes.
- Refinance your loans. If you have multiple student loans with high interest rates, you may be able to save money by refinancing your loans. Refinancing means consolidating your loans into one loan with a lower interest rate. This means that you can save money on interest and pay off your debt faster. See How Quickly You Can Be Debt Free.
- Apply for a student loan forgiveness program. There are a number of student loan forgiveness programs available, but eligibility requirements vary. You can find more information about student loan forgiveness programs on the U.S. Department of Education website.
If you're struggling to make your student loan payments, it's important to take action. Ignoring the problem will only make it worse. By contacting your lender and exploring your options, you can get back on track and start paying off your debt.
Here are some additional suggestions on how to best approach student loans that haven't been paid in 3 years:
- Be honest with yourself about your financial situation. It's important to be realistic about how much you can afford to pay each month. If you're struggling to make even the minimum payment, you may need to consider deferment or forbearance.
- Create a budget. A budget can help you track your income and expenses so you can see where your money is going. This can help you identify areas where you can cut back so you can free up more money to pay your student loans. Learn how to create a budget here.
- Find A Better Way to Bank - Get your Netspend Visa Prepaid Debit Card now!
- Look for ways to increase your income. If you're struggling to make ends meet, you may need to find ways to increase your income. This could mean getting a part-time job, starting a side hustle, or asking for a raise at work. Have a look at this Amazon opportunity to earn more.
- Get help from a professional. If you're feeling overwhelmed, you may want to consider getting help from a professional. A financial advisor can help you create a budget, negotiate with your lender, and find ways to pay off your debt.
It's important to remember that you're not alone. Millions of Americans are struggling with student loan debt. By taking action and getting help, you can get back on track and start imagine living without debt.
