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While it may be in your best interests to just buckle down and start making payments on your student loans, there are some alternatives available. One of these is called loan deferment; another is loan forbearance. It's possible that you could qualify for a loan deferment given circumstances such as being enrolled at least half-time in an eligible postsecondary school, in a full time rehabilitation program, experiencing severe economic hardship or serving in the military on active duty during a war or other military operation. (Note: you can find more information about student loan deferment by clicking on this link)
You might be granted a forbearance if you are unable to make your loan payments because of financial hardship or illness, if you’re serving a medical or dental internship or the total amount you owe each month on your Title IV student loans is 20% or more of your total monthly gross income. In addition, there are some other criteria where you might qualify for forbearance and you can get information on them by clicking on this link.
It is also actually possible to get a student loan canceled. This means you would not be required to pay anything on the loan and, in fact, might receive a refund for any payments you had made.
As you might expect, the criteria for getting a loan canceled are very limited. They are:
1. You die or are disabled
2. Your school falsely certified that you would benefit from the education and you don't have a GED or high school diploma
3. You didn't get a refund where appropriate
4. Your school closed
5. You work in certain occupations after graduation (like teaching or some public service jobs)
Good help is available
National Debt Relief recently launched a program that will help borrowers find a debt relief program for their student debt. It provides a consultation service that will match your specific student loan situation, employment conditions and financial capabilities with the right debt elimination program. It will also help with the paperwork that will allow you to enter into such a program. National Debt Relief charges only a one-time time flat fee that will be placed in an escrow account. There is no maintenance fee or additional charges. They will only withdraw your payment once you’re satisfied with the paperwork and the debt relief program you were recommended.