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forbearance if you’re not eligible to have your payments deferred. Unlike deferment, interest accrues regardless of the type of loan you have, and you will have to repay it. You will have to apply to the finan- cial institution that holds your loan to be granted forbearance.
It is also possible for parents to request deferment or forbearance on PLUS loans. Parents will be charged interest during periods of deferment or forbearance. If the interest isn’t paid as it accrues, it is added to the loan balance, which means the total amount to be repaid increases.
You must repay your loan even if you don't complete school or can't find a job related to your program of study, or are unhappy with the education you paid for with your loan. The only way a person is relieved of repaying his student loans is if he or she becomes totally and perma- nently disabled (additional conditions apply) or if he or she dies.
Financial Aid Possibilities You May Not Know About
You also might be able to get financial aid from your state government, your school or a private scholarship. Research non-federal aid early (ideally, start in the spring of your junior year of high school). Be sure to meet all the application deadlines! Listed below are just a few of the options available for seeking money to fund a college education. Be sure that you investigate fully any of these means of funding to make sure you find the plan that will work best for you.
• Financial aid office: Talk to the financial aid administrator or the financial aid staff at each school you’re interested in to find out about the school’s financial aid programs and the total cost of attending that school.
• State Higher Education Agency: Your state agency can give you important information about state aid—including aid from the Leveraging Educational Assistance Partnership (LEAP) Program, funded jointly by states and the U.S. Department of Education.
Student Loans and the Cost of a Good Education