It seems like a cosmic joke for many post-grads – you pay all this money for a college degree, you graduate, and now you can’t find a job. Worse, you’re expected to start paying off those student loans.
One way to make life a little easier is to defer your student loans. Deferment essentially suspends student loan repayment based on certain situations, unemployment being one of them. You are allowed to defer your loans up to three years.
One of the drawbacks of deferment is that the interest rate remains variable and could adjust frequently by the time you are able to start making payments. However, if you consolidate your federal student loans prior to applying for deferment, you can lock in the interest rate and lower your eventual monthly payment.
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