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COLLEGE LOANS AND NO JOB?
 
By: Dan Miller

COLLEGE LOANS AND NO JOB?

If you’re out of work and still have college loans to repay, you may be able to defer payment up to three years. Ask about: (1) Unemployment Deferment. If you have a subsidized Stafford loan, the federal government will pay the interest during the deferment. With some loans, interest continues to accrue, and you must pay. (2) Economic Hardship Deferment. You’re probably eligible if you receive federal or state public assistance payments, or if your school loan payments exceed 20% of your monthly income. You must reapply every 12 months. Check with your lender for your particular situation.



 








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