Behind on Student Loans? Consider these options

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07 May

Donna Taylor Blog 0 0

If you miss student loan payments you may set up a general forbearance program. However, you must beware that a forbearance program often hurts you because you will delay payments and interest will add up. Ultimately, you will owe more in the long run. Typically forbearance works best for temporary short-term troubles such as maternity leave, unemployment, or temporary medical issues. If a borrower has a job that doesn’t pay well it may be beneficial to look into income-driven repayment plans which are adjusted to create lower loan payments. Make no mistake, student loan payments should never be ignored and cannot be discharged in bankruptcy except in rare instances. Please note: federal student loans are listed on your credit report and you must make 20 years of payments on time before you will be considered for a loan forgiveness program. https://amp.freep.com/amp557999002

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.