Young people are often told that a college degree is the only way to get a good job, and getting a good job is the only way to succeed in life. With stakes this high, it is no surprise that many students take on massive loans without thinking twice. Unfortunately, the reality of such debt often becomes clear when it comes time to start making payments. The monthly bill is often simply too high to handle.
According to The Institute for College Access and Success, the average student debt amounts to $23,450. If you are dealing with student loans and struggling to pay the bills, you may be looking for ways to delay payments. There are several options available, and these are three of the most common.
1. Request deferment or forbearance
Requesting either a forbearance or deferment is often the easiest way to delay payments on your student loans. Both of these options allow you to temporarily suspend payments on the balance of your student loans. A deferment may allow you to do so without accruing interest, but during a period of forbearance, your loans will continue accruing interest.
2. Continue your education
If you have graduated from college and are considering options for continuing your education, doing so may have an added benefit. When you enroll at least half-time in an accredited program, you typically do not have to make payments on your student loans. You can continue focusing on school and begin making payments on your loans once you complete your next degree.
3. Consider debt relief options
Sometimes the aforementioned options are not ideal for addressing student loans. If you are looking for alternate ways of handling your debt, there are many relief methods that may allow you to reorganize or otherwise modify your payments. In some cases, Chapter 13 bankruptcy may be an effective option. Consulting with a legal representative can help you consider the best solution.