Financing

Life does not always deal the hand you the hand you want. Despite the best laid plans for graduating college and paying back your student loans, there are things that can happen that derail your plans. If you are a victim of unfortunate circumstances, you may be able to get more time to pay back your student loan in the semblance of a hardship deferment for student loans.

What is a hardship deferment?

A hardship deferment for student loans allows you to postpone the repayment of your student loans in certain, qualifying circumstances. The hardship deferment is provided for one year at a time for a maximum of three years. During the postponement, interest will not accrue on subsidized loans and you will not be considered in default and thus can maintain your credit rating.

What qualifies for a hardship deferment?

To qualify for a hardship deferment for student loans you must experience:

• Economic hardship
• Unemployment
• Fulfillment of military service obligations during a war
• Active-duty fulfillment during war or peace times

Documentation is required to prove the above situations and to be granted a hardship deferment. Loans that have already been defaulted on will not qualify for a hardship deferment, so it is important to contact your lender as soon as possible to work out the arrangement and terms for your hardship deferment for your student loan.

The most important thing is to be honest

Student loans are some of the easiest to obtain and the most flexible to repay. Lenders understand the risk they are taking providing students with money and because of such they are willing to work with you to increase your odds of actually paying back the money you borrowed to get your education. When you call to request a hardship deferment, you will be required to be open and honest about your scenario.

If you are approved, you will receive an agreement letter with the terms of the arrangement. If you find that you can not start paying on the agreed upon date, make sure to contact your lender quickly and work out a new agreement.

Buying a car can be a challenging prospect, but it's even more difficult when thinking about how to negotiate a car price. The good news, however, is that there are ways to make it easier, including entering the dealership with confidence. Let's look at a few other tips that can make the process simpler.

• Know the Invoice Price - When thinking of buying a car, it's always a good idea to find out the invoice price before attempting a negotiation. Since the invoice price is lower than the sticker price, you can get a better deal by negotiating up from it. Also, it's good to learn of any discounts, rebates, or incentives available. The more you know before stepping into the dealership, the better your chances will be of negotiating a great deal.




• Don't Negotiate Monthly Payments - When you enter a dealership and speak with salesman about the vehicle you're interested in, he will normally ask you what monthly payment you would like to make. This is a strategy to get you financed for a vehicle that's more expensive than what you would like to spend, and at a higher interest rate. So instead of accommodating this practice, it's better to negotiate a car price by looking at the total price you're willing to spend. This way, you won't be roped into paying thousands more than you intended in interest and other fees.
• Shop Around - Another great way to make sure you're getting the best deal when buying a car is shopping around for prices. You may be able to negotiate a car price you're proud of at one dealership, but you may be able to go even lower at another one. So while you may be excited about the price you've haggled, try shopping around a little bit more before settling in on a vehicle.

It's not the easiest thing to negotiate a car price, but if you take on the above tips with confidence, you'll find that buying a car is not as difficult as you once thought it was.

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