How to Deal with Student Loans if You Are Self-Employed

Student loans are a burden that many individuals have to account for in one way or another. Here are the basics of how to deal with student loans if you are a self-employed individual.

Flexible Payments

One of the best things about student loans is that they have many different flexible payment plans. If you are self-employed, there is a good chance that your income will fluctuate significantly. Because of this, you might want to take a look at some of the flexible payment options that are available with student loans. For example, you might consider doing a graduated repayment plan, which provides you with a low initial monthly payment and then increases every two years.

Forbearance or Deferment

If you go through a tough financial period in your life, you might want to consider looking at a forbearance or deferment. With both of these options, you will be able to postpone your payments for as long as one year at a time. If you qualify for a deferment, the interest on your loans is going to stop accruing as well.

Tax Deduction

You also want to make sure that you take advantage of the tax deduction that comes with student loans. You can deduct the entire amount of interest that you pay on the loans from your taxable income.

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