Hi my name is George Janas President of Consumer Debt Counselors Winter Park Florida. Today the question was asked, is forbearance with student loan debts, is it a good ideato use the forbearance option if you’re struggling in the repayment of your debt. And the answer to that question is maybe. Forbearance is a wonderful option that was put together by the department of educationto help people who are struggling in the repayment of their debt. But you do need to understandthat forbearance has its limitations. There’s a limited number of times you can use it.
Frankly we often find many clientsare often confused in the terminology and don’t fully understand the distinction betweena deferment which they received right when they came out of school and a forbearance. There is a big distinction and you should be fully aware of that. There are also othersolutions that may be better than using a forbearance. So it isn’t always a good ideato jump in assuming a forbearance is an immediate solution to the problem even though it maybe comfortable at the time. For example, the Department of Education has put together several really wonderful income-basedrepayment plans that in some circumstances may take the payment down low enough so thatin some circumstances may take the payment down low enough that it is actually affordableand you’re still making some headway in reducing your student loan debt. Remember in a forbearance it does not mean it may mean that you are discontinuing a paymentbut it does not mean that the debt is going away, it does not mean that it’s going down,in fact the amount of the student loan debt goes up. We urge people contacting us to stop, pause and analyze their situation. That is our expertiseis to help people understand all of the options that are available to them in the repaymentof their student loan debt so that they’re walking out or (calling and learning about)the options that are best suited to them. To repay the federal government or the lender for the loans on the basis that it’s bestfor them and clearly is also best for the people who made the student loan. We urge you to call, take the time to get a full analysis. Thank you, my name is GeorgeJanas President of Consumer Debt Counselors located in Winter Park, Florida.
Frankly we often find many clientsare often confused in the terminology and don’t fully understand the distinction betweena deferment which they received right when they came out of school and a forbearance. There is a big distinction and you should be fully aware of that. There are also othersolutions that may be better than using a forbearance. So it isn’t always a good ideato jump in assuming a forbearance is an immediate solution to the problem even though it maybe comfortable at the time. For example, the Department of Education has put together several really wonderful income-basedrepayment plans that in some circumstances may take the payment down low enough so thatin some circumstances may take the payment down low enough that it is actually affordableand you’re still making some headway in reducing your student loan debt. Remember in a forbearance it does not mean it may mean that you are discontinuing a paymentbut it does not mean that the debt is going away, it does not mean that it’s going down,in fact the amount of the student loan debt goes up. We urge people contacting us to stop, pause and analyze their situation. That is our expertiseis to help people understand all of the options that are available to them in the repaymentof their student loan debt so that they’re walking out or (calling and learning about)the options that are best suited to them. To repay the federal government or the lender for the loans on the basis that it’s bestfor them and clearly is also best for the people who made the student loan. We urge you to call, take the time to get a full analysis. Thank you, my name is GeorgeJanas President of Consumer Debt Counselors located in Winter Park, Florida.
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