The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

How To Deal With A Student Loan That You Can’t Afford To Pay

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Student Loans
Reading Time: 2 mins read
12
SHARES
199
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q. How do you suggest dealing with student loans that you cannot yet pay because of lack of job or business profit?

A. If you can’t afford to pay your student loans due to a lack of income, get a deferment, forbearance or loan cancellation during periods of economic hardship.

Most people think only students who are enrolled in school can get deferments. Nothing could be further than the truth. Practically anyone with an economic hardship can qualify for a loan deferment or forbearance – and some people with severe, chronic financial problems may be eligible to get their loans canceled altogether.

Sallie Mae, the nation’s biggest student lender, offers deferments for nearly 20 different scenarios. Among those who can have their loan payments postponed are: the unemployed, new mothers re-entering the workforce, volunteers at non-profit agencies, military enlistees, and more. Even having excessive credit card debt or unusually high personal expenses can get your monthly student loan payment drastically lowered. If you’ve had a string of bad luck, say you went through a divorce, got laid off, then had a car accident — all of which impacted your finances, you can qualify.

Read: How To Get Your Student Loans Out Of Default

Also, having a protracted hardship, such as a lengthy medical illness, the U.S. Department of Education may say it’s not worth it to make you pay off your loans – and they can cancel out your loan indebtedness.

Tip: To claim an economic hardship and ask for greatly reduced student loan repayments, fill out a simple 2-page form called a Statement of Financial Status. Find it online at the Department of Education’s website at http://www.ed.gov.

If you have private loans, you can also ask your lender or loan service company about deferment and forbearance options.

Tags: Defaultforbearance
Previous Post

What To Do With That 1099-C You Got In The Mail

Next Post

Should I Apply For A Business Loan If I Already Have Bad Credit And A Low Credit Score

Related Posts

Adult Student Loans

Simple Reasons To Pay Your Adult Child’s Student Loans

by Lynnette Khalfani-Cox, The Money Coach

If you’re considering paying your adult child’s student loans here are 10 scenarios to consider saying YES, NO or MAYBE to repaying that college debt. 

Question About For-Profit Colleges and Student Loan Forgiveness

by Lynnette Khalfani-Cox, The Money Coach

After I posted 15 answers to Biden’s student loan forgiveness plan,  I received a lot of questions on my social media accounts about student loan forgiveness. I received the following question about the plan's impact on certain for-profit colleges.

Student Loan Forgiveness

Student Loan Forgiveness: The Biden Plan Explained

by Lynnette Khalfani-Cox, The Money Coach

Here's what is known so far about the new student loan cancellation program, how you can get student loan forgiveness, the surprising ways that past and future generations of college students will benefit, and what’s NOT included in the Biden plan.

CARES Act: Student Loan Relief

Get Your Employer to Pay $5,250 of Your Student Loans in 2020: FAQs About the CARES Act

by Lynnette Khalfani-Cox, The Money Coach

I recently posted a student loan tip on social media that went crazy viral! It racked up tons of traditional media coverage, plus many thousands of likes and shares (not to mention comments and questions!) across Twitter, Facebook and Instagram -- far more than any other single post I've shared....

COVID-19 Private Student Loans

COVID-19: Getting Relief From Your Private Student Loans – VIDEO

by Lynnette Khalfani-Cox, The Money Coach

In this video Lynnette shares good news for people who need help paying their private student loans during the COVID-19 pandemic.

Economic Relief Bill

COVID 19: A Good News Surprise in the Coronavirus Economic Relief Bill – VIDEO

by Lynnette Khalfani-Cox, The Money Coach

In this video Lynnette dives deep into the CARES Act and shares a pleasant surprise in the economic relief bill.

student loan relief covid-19

Are You Eligible for Student Loan Relief Under The CARES Act?

by Lynnette Khalfani-Cox, The Money Coach

The CARES Act, which includes a provision that decreases student loan interest to zero-percent, and allows individuals to suspend payments without penalty until September 30, 2020. 

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1369 shares
    Share 548 Tweet 342
  • What to Do if Your Spouse Stole Money From You

    1159 shares
    Share 464 Tweet 290
  • What to Do If You Can’t Afford to Leave Your Spouse

    1096 shares
    Share 438 Tweet 274
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    999 shares
    Share 399 Tweet 250
  • What Do All Those Strange Codes In My Credit Report Mean?

    808 shares
    Share 323 Tweet 202
  • Do This Now If Your Wages Were Not Reported

    736 shares
    Share 294 Tweet 184
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    713 shares
    Share 285 Tweet 178

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist