If you've done the time and earned your degree but you still don't have a job; there's a problem. Student loans will arrive whether you're ready or not. If you graduated in May of 2009 the six month grace period is almost over and you will soon have to start making monthly payments.

One tactic that you can try is by going to the financial aid office and speaking with a counselor about deferment or forbearance. This isn't guaranteed, but it may allow you to postpone your payment if you meet specific circumstances. Even though there might be some consequences, none will be as harmful to you as late payments or defaulting.

A deferment is better because federal loans take into consideration if you're in the military, graduate school, or facing economic difficulty. If you're trying to qualify for a deferment you must earn less than $16,245 a year in the continental U.S. Plus you are eligible for public assistance like food stamps. Depending on if your deferment is based on economic hardship it's granted one year at a time but unemployment deferments are granted in six-month increments. But students can reapply for these for a total of three years each.

Deferment is a great option if you can't afford the payments. But in case you don't qualify you might be able to postpone payments if you're having health problems. This type of postponement is called a forbearance. Although in order to qualify you most likely will need to be interviewed in order to determine if forbearance is the best solution.

Even though there are these options out there if you're struggling and worried about how you're going to make your student payments remember that delaying it isn't necessarily the best thing. It's important to realize that even though you defer these payments the interest is still accruing on the loan whether you're making payments or not. So the amount will be larger when you finally start making payments. But if you do get a deferment or forbearance it's a good idea to pay the interest costs in order to minimize the financial impact later on.

If you don't qualify or choose not to get a deferment or forbearance then try picking a payment plan that reduces your monthly payment. By reducing the payments it will take longer to pay off the loan but  it may be worth it. Another option is the Income-Based Repayment Program for federal loans. The program caps monthly payments at 15 percent of your earnings. Then if the debt isn't paid off in 25 years it is forgiven. To be eligible for this program officials weigh your debt level against your income.

Even though it's a difficult time and many grads are facing student loan payments with no job, there is hope. Just remember that you want to keep your credit report as squeaky clean as possible. If that means you need a deferment or forbearance then get it but don't ignore the payments. Defaulting on your loan will cause serious problems today and throughout your life.

Studies show that most people avoid going back for a college degree because of money worries. Fortunately, Stafford Loans, recently beefed up by President Obama’s stimulus bill, allow students to cover all their school and living expenses with minimal interest.  

With a combination of Stafford Loans and Pell Grants, degree-seekers are finding it easier to cover their living expenses and return to school. Currently, the Stafford Loan program offers two different options for students to choose from: subsidized and unsubsidized. These loans offer the following 3 benefits:

• They are low-interest. Currently at 6 percent, Stafford Loans feature the lowest interest rates around because they are insured by the government. Unlike home and auto loans or credit cards, you will pay only the smallest amount possible with no future inflation of the interest rate.
• You don’t have to pay while in school. Both subsidized and unsubsidized loans do not have to be repaid while you are in school. On subsidized loans, the government pays your interest for you while in school.
• You get as much as you need. Stafford Loans are designed to cover all of your expenses after whatever you get for Pell Grants, including cost of housing, food, utilities, and more. This means, even if you leave your job, you will still have enough to pay for your needs and the needs of any dependents you may have while you are in school. Some students qualify for as much as $138,500.

To receive low-interest Stafford Loans, you need to enroll in and register at an accredited university. Once admitted, you can fill out a Federal Application for Federal Student Aid (FAFSA) to find out how much Stafford Loan money you will receive.

Are you ready to return to school and get low-interest Stafford Loans? Visit our form to find an accredited school and get enrolled. A financial aid counselor will help you fill out a FAFSA and get money you need to go back to school.

If you have been putting off going to college because of financial concerns, now may be the perfect time to get your degree. The government is making it easier to go back to school by putting more money into Pell Grants. As part of President Obama’s $600-billion stimulus package, this free money is more available to students than ever before.

Pell Grants are perfect for people trying to go back to school and watch their budgets. In particular, these grants offer the following benefits:

• You never have to pay them back. That’s right. You never have to worrying about accumulating debt with Pell Grants. Once the government sends you your Pell Grant check, you never have to pay them back or pay any interest. After tuition and fees, you can use that cash however you see fit.
• They typically cover tuition and more. For full-time students, Pell Grants are typically large enough to pay for tuition, fees, books, and much of your living expenses. This makes it easy for people on a budget to go back to school without dipping into savings. Students can qualify for up to $5,500 in Pell Grants.
• They are based on a students’ need. Pell Grants take into account a student’s living expenses, how many credit hours they will take, and how many dependents they are supporting. That means the amount you receive will rise according to your obligations. And any amount not covered by Pell Grant can be made up with low-interest Stafford Loans.

To receive free Pell Grant money, you need to enroll in and register at an accredited university. Once admitted, you can fill out a Federal Application for Federal Student Aid (FAFSA) to find out how much Pell Grant money you will receive.
 

Are you ready to return to school and get free Pell Grant money? Visit our form to find an accredited school and get enrolled. A financial aid counselor will help you start getting your free money to go back to school.