Student Loans – Leniency available on student loans
Federal student loan default rates are on the rise, but there’s no need even in this weak economy for you to fall into arrears on your loans.
That’s because when it comes to repaying an education loan, no one – except maybe Mom or Dad – is more lenient than your Uncle Sam.
Can’t find a job? Or, the one you have barely pays the bills? Maybe you have decided to go back to school to wait out the recession. Whatever the situation, the government has options to provide relief – sometimes for years – from federal loan payments while you get your finances in order. You might even have your loans forgiven over time.
“If students are conscientious about it and they explore their options, there shouldn’t be any reason they would be in default, even if they don’t have a job,” says Mark Lindenmeyer, director of financial aid at Loyola University Maryland.
source here.
