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If you have trouble paying back your student
loans, you may be able to postpone payment for a set period of time.
You can apply to defer
your loans, which means your payments stop, and the balance on your
subsidized loan doesn’t accumulate interest. You may be eligible
for deferment if you demonstrate one of the following:
- Enrollment in school at least half time
- Unemployment
- Economic hardship
If you don’t qualify for deferment but
still can’t pay your loans, you can request forbearance.
Your payments may be reduced, or postponed for a short period of
time, but your loans will continue to accumulate interest.
In special cases, your loans may be discharged,
or canceled altogether. This usually requires an extreme circumstance,
such as permanent and total disability. As a reward for working
full-time in particular positions with the disabled or with low-income
families, or in law enforcement, teaching, childcare, healthcare,
or other public service areas, a portion of the loan may be forgiven.
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