My boyfriend has to get a job by the end of the month to start paying back his school loans. But we found out he has a hernia that makes it really hard to walk or move around. He needs surgery for it. He has both private and federal loans. I’m wondering if anyone has suggestions on how we can get the loans to accept his condition as a reason for deferment. He has restrictions on lifting and even just sitting up can be painful for him.
He can ask for forbearance or an economic hardship deferment for the federal loans. For the private loans, he might be able to get a few months forbearance, but there could be a fee involved.
It might be better to apply for an income-driven repayment plan for the federal loans instead of requesting deferment. It could be a long-term solution.
I went through the same thing after graduating. Deferment worked for me, so it’s definitely possible.
I’m not sure about options for private student loans, but here’s what’s available for federal loans (he should reach out to his loan servicer to discuss these options):
https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief/deferment
https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief
@Tatum
Just a heads-up, forbearance and hardship deferment are limited over the life of the loan. You usually get about 36 months of forbearance and 36 months of hardship deferment. If the situation lasts longer than a year, it might be better to look into an income-based repayment (IBR) plan instead.
Hernia or not, it’s time for your boyfriend to get to work. Debt collectors won’t care about health, and neither will financial freedom.
Koa said:
Hernia or not, it’s time for your boyfriend to get to work. Debt collectors won’t care about health, and neither will financial freedom.
That’s not true. You can get a medical deferment if the condition is severe enough.