While many borrowers choose to defer their loans based on a present-time need to delay their payments, they all too often fail to be counseled on the consequences of opting for deferment. Deferment may temporarily stop payment demands, but it often does not stop the interest from accruing on the loans. This means that when the borrower’s deferment runs out, which will inevitably happen, the borrower may end up paying significantly more on the loan than they would if they had begun repaying the loan sooner.
Although deferment pushes off payment demands, deferment cannot last forever. Eventually, deferment allowance will run out and the borrower will start receiving payment demands. Those demands may be much higher than they would if the borrower chose to begin repaying as soon as the loans entered their standard repayment phase, which is typically set to begin six (6) months after the borrower graduates or is no longer enrolled in school.
Borrowers cannot run from their legal responsibility to face their student loan debt forever. Student Loan Law Group can help borrowers tackle their massive student loan debt head on. Student Loan Law Group teaches borrowers how to manage their student loan debt in the most efficient manner possible. Our attorneys can help borrowers apply for income-driven repayment plans which may significantly lower their monthly payments based on their income and household size. For more information on lowering student loan payments to affordable increments, contact Student Loan Law Group at 888-843-1706 today!
