Student Load / SMU Loan / SMA Loan
Your best plan of action to defer student loans by returning to school is:
Review your loan documents, your financial aid package you received when first enrolled in college, copies of Federal Stafford loans and all the private loans you signed for and owe money on. A deferment on existing student loans remains one of the best ways you can put your student loan payments on hold. Some students benefit by applying for a private student loan. Having a cosigner when applying for private student loans such as a Sallie Mae Signature Loan or a Tuition Answer Loan may increase your odds of being approved.
Here are some things to consider before cosigning for a private student loan. Federal Loans are not dischargeable through bankruptcy. Only 10% of the borrower's take home pay can be garnished to pay a student loan.
1. A loan will be fully discharged if the borrower dies.
2. On the death of a student on whose behalf a parent has taken a PLUS loan, that loan taken by the parent will be fully discharged.
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