• Lisa Ericson

Should I use deferment?

Falling behind on your student loans repayments will damage your credit score. Federal student loans have several methods to keep you on track, deferment is one of them.

K. from New Jersey, $85K of student loans debt

Recent graduates find it difficult to cope with large student loans amount. It's takes time to find your first job and settle in your adult life. K., a M.Ed. graduate from New Jersey wasn't able to make his initial payments towards his student loans, since he didn't find a job right after college. Since he was planned to have a substantial income once start working, an IDR plan wasn't right for him. By using deferment for 3 months on his loans, he was able to avoid the ding on his credit report and start repaying his loans regularly.

Money Compass allows you to easily find the best repayment plan to fit your goals. Click here to give it a try

Have a specific question regarding your loans? Send it to FreeAdvice@moneycompass.io

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