Forbearance is a temporary fix for one’s student loan troubles. It is used to keep the loan out of default. A deferment is another option that occurs when the lender temporarily allows the borrower to stop making payments for a period of time. With subsidized loans, the Federal Government will pay the loan’s interest while the loan is in deferment; however, with private loans, this doesn’t occur. Our student loan help attorneys at Hoverson Law Offices, P.A., have experience with federal student loan forbearance and can help those needing financial help as soon as possible.
About Deferment and Forbearances
Our legal team usually looks to see if you’re eligible for a deferment first. Some of the qualifications for deferment include: at least half-time school enrollment, unemployment, rehabilitation training program, economic hardship, military service or post-active-duty or graduate fellowship study, to name a few. Our legal team can help you to apply for a deferment if you’re eligible with a written application.
If you do not qualify for a deferment, you may qualify for loan forbearance for a temporary amount of time. All student loans that are in forbearance will accrue interest. Thankfully this type of student loan forbearance can be requested for by phone, so the process is a lot easier.
Schedule a Free Legal Consultation with a Student Loan Attorney for Federal Student Loan Forbearance in Minneapolis Today
To learn more about federal student loan forbearance, and to determine if you’re eligible for it, contact our student loan attorney at Hoverson Law Offices, P.A.. We can review your case and determine if you’re eligible for student loan help. In order to schedule a free consultation and debt evaluation, call our Minnesota law office today at 612-349-2728.