You graduated from college six months ago and the time has come for you to start making monthly payments on your student loan debt. If you haven't yet acquired adequate employment, you might be wondering how you are ever going to fulfill your obligation. Before you go into panic mode, you should know you are not alone and you still have a few options at your disposal. In America, there is currently $1.1 trillion in outstanding student loan debt in the hands of over 39,000,000 people. It wouldn't be much of a stretch to assume there are many people looking for some type of debt relief.
Handling the Responsibility
There is a new generation of student borrowers who are holding their collective breathe in hopes the White House decides to bail them out and forgive all or at least a portion of their student debt. Frankly, that's an irresponsible position to take. If you borrowed the money and got the education, you need to
…show more content…
If you step up to the plate and tackle these issues quickly, you will find you have several solutions at your disposal.
1. Loan Deferment - If you just need a bit more time to get settled into a job, you might qualify for a loan deferment. With a loan deferment, the date your payments are to begin will be deferred to some later point in time and your interest will stop accruing until such time you can begin making payments.
2. Loan Forbearance - If you don't qualify for a deferment, you might look into loan forbearance as an alternative. With a loan forbearance, you are asking the lender to put a temporary hold on your payment requirements with the interest clock still ticking. During this time, you might be able to bring the lender to the negotiating table in hopes of negotiating more favorable terms that will allow you to start making payments sooner rather than