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Managing Student Loans Essay
Managing Student Loans Assignment
The process of repaying student loans can be a confusing task for newly graduated students who have just joined the working class group of society. There are various factors that define the repayment plan that a person can take. This excerpt will explain some of the most crucial factors to consider as well as the surprising facts that student loans hold while paying it back.
Among the most surprising facts is the when one is unable to pay. You are liable to ask for deference or forbearance. This means that the loan repayment can be halted for a while until the individual is able to continue payment. There are several factors that may lead to difference; these include going back to school, unemployment, and taking part in military service. Forbearance can come about when the individual is facing financial difficulties ergo is unable to make the payment requirements. However, it should be noted that forbearance and deference can come with accrued interests during the period which they are in effect.
In my loan repayment plan, I intend to consolidate all my loans together so that the period allowed for the payment is increased and the overall amount I pay per month is also reduced, considering that each of the loans would cost me much more if paid individually. I will also consider joining public service if the job is available because this lets me off the hook after serving for a couple of years; not mentioning the benefits that the public sector comes with.
On the event that I begin payment and notice that I cannot pay my student loan, I will contact my loan servicer who will advise me on what to do. Prior to that, I will consider my options on deference or rather postponement of the loan to a further date when I will be in a position to pay. I can indulge the option of stating that I am unemployed in order to defer.
In conclusion, payment of loans can be a devastating task although a careful review of the plans available can help one to make a decision on what to do when faced with difficulties. Additionally, the availability of information on the internet and also consulting loan servicers helps to clear out any hardships one may face.........................GET A PLAGIARISM FREE COPY