Deferring Your Student Loans

After using scholarships, grants, and other funds, the majority of college students across the United States have to take out some sort of student loan in order to graduate from a four-year university. In fact, statistics report that close to 67% of all graduates receiving their bachelor’s degrees walk across the stage with some amount of student loan debt. This number significantly rises when students decide to continue on with graduate school to get a master’s or doctorate degree.

Many students are unaware they have financial options after graduation and can actually defer their student loan payments. If you or a loved one has any questions or concerns about paying student loans, or feel like you should talk about the possibility of filing for bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office today at 480-829-0494.

How You Can Defer Your Student Loan

The average college student graduates with $24,000 in student loans, although many find themselves owing a much larger amount. This can be a seemingly impossible mountain to climb, especially if you do not have a job right after graduation or plan to continue with schooling. However, you may be able to defer your loan, or delay payment until you are able to repay the loan.

In order to qualify for deferring your student loan, you typically must meet one of the following conditions:

• Unemployment or an unpaid internship
• Working for a community service organization
• Suffering from a disability or medical condition
• Going into the military
• Going back to graduate school

If you do not meet one of these conditions and still find yourself unable to repay your debt, bankruptcy may be the best option for you.

Contact Us

At the Harmon Law Office, our Arizona bankruptcy attorneys can help you handle your debt and take control of your financial future. We are here to help you clear your debts once and for all. To speak with a professional legal representative, contact us today at 480-829-0494.