Deferring Your Student Loans
The majority of college students in the United States cannot afford their educations without taking out student loans. Recent statistics estimate that nearly two-thirds of students graduate from a four-year institution with at least some student loan debt. In fact, upon graduation, the average student will have roughly $24,000 they are required to pay back in student loans, and in a time of recession and unemployment, this can be an extreme burden to bear.
Although monthly payments may seem insurmountable for some, students do have the option of deferring their student loans in some circumstances, giving them more time to find a job and become financially stable before they start paying these loans back. Having to pay back loans can be difficult, especially if you are unemployed. If you have any questions about paying back loans or if you have multiple sources of debt and you are considering filing for bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today and speak with a professional.
Qualifying for Student Loan Deferment
In order to qualify for student loan deferment, you must have a valid reason as to why you cannot immediately begin paying back your loans. Candidates will have to meet one or more of the following conditions to have their loans deferred:
- Unemployment
- Opting to go back to school for another Bachelor’s or Master’s degree
- Choosing to enlist in the military
- Disability that hinders your ability to work
- Employed in community service
- Employed as a teacher in a low-income school district
None of these situations automatically guarantee deferment but they do increase your chance of having your loans deferred.
Contact Us
Student loans cannot be discharged by filing for bankruptcy, but if you have multiple outstanding debts, filing for bankruptcy can alleviate considerable financial pressure, making it easier for you to pay back your student loans. For more information on how filing for bankruptcy can help you, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.