If you are struggling with paying your student loans, why not apply for a student loan deferment? By deferring student loans, the student will be giving themselves the time to get their financial affairs in order so they can begin to pay back student loans once again. If you have financial hardship, you are an excellent candidate for deferring student loans. Financial hardship can include losing a major source of income either due to an illness or losing your job. It can also include extra responsibilities such as taking on a dependent or having a baby. With any financial hardship clause you will be allowed to take anywhere from six months to a year deferring student loans. You can then restructure your life so that student loans will not take away from your quality of life.
When you are in the military and are deployed overseas, all student loans will be put on hold until you return stateside. You will be able to serve your country without your student loan debt weighing on you. Unfortunately, your non-subsidized loans will still accrue interest, but your subsidized loans will be waiting for you when you come back stateside with no interest accrued. For more information, check with your financial officer on your base. If you are in the National Guard the same policy applies. Keep in mind though: whether you are in the reserves or on active duty, you must apply for this exemption. It won’t occur automatically.
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