College can be fun--until you get the bill.
An old joke says college is a party with a $100,000 cover charge. However, you won't be laughing when student loan repayment begins. There are ways to keep deferring your student loan payments, sometimes for several years. This can be particularly helpful for the new graduate having trouble making ends meet.
Instructions
1. Contact your lender. Deferments are not typically given automatically. Your lender will be able to send you the necessary paperwork to fill out or direct you to its website.
2. Fill out the paperwork. Paperwork for a deferment generally includes answering questions about your income as well as how long you have been out of school.
3. Return the paperwork to your lender. Include any supporting documents if the lender requests them, such as pay stubs or proof you are looking for a job.
4. Enroll in school. One way to defer loans indefinitely is to enroll in a degree-granting program. While this could increase your debt (if you take out more loans to pay for it), it will also stave off repayment until you graduate or drop out. You will hopefully be able to earn more with your advanced degree than with an undergraduate degree.
Tags: your lender