Monday, January 31, 2011
Money Monday: Student Loan Deferment
Paying back students loans is never easy, and if you lose your job, it can be impossible. But now, you can take a break from writing those checks with student loan deferment. 7's Lynn Martinez tells us how on tonight's "Money Monday."
WSVN -- Tammy Kolinger has a bachelor's and master's degree in marketing, but a couple of years ago, she decided to reinvent herself.
Tammy Kolinger, Applied for Student Loan Deferment: "I decided to go back to school later in my life and study interior design."
The course cost $19,000, and she took out a student loan to pay for it. But later, she lost her job, just as the student loan payments came due.
Tammy Kolinger: "It was very difficult and challenging to be able to pay all my bills, including my mortgage and car payment and everything else that comes with that."
Tammy struggled with the $220-per-month payment until she found out about student loan deferment.
Leslie Bosson, Credit Wellness Advisor: "That means you won't have to pay for your loan for a certain amount of time."
Credit advisors say you might qualify for student loan deferment if you've graduated and can't find a job, if you lose your job, or if your work hours fall below 30 a week.
Leslie Bosson: "This is a great opportunity for people to take some stress off of their lives and focus on organizing themselves and looking for a job without feeling that constant stress of having to make their payments."
To keep your loan deferment, you have to reapply every six months, so it's important to keep records of your job search as well as tax and income information.
Tammy called her lender and applied for the program.
Tammy Kolinger: "I was actually very pleasantly surprised that they were very willing to work with me."
She got a break from her loan payments for a whole year.
Tammy Kolinger: "I'm hoping to be able to take care of that as quickly as possible, but until then, I'm very thankful."
Lynn Martinez: "If you're struggling to make your payments, call your lender. They will walk you through the process."
And if you have any money questions or story ideas you'd like us to look into on "Money Monday," email us at email@example.com.
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