How do I defer student loan?

Should I defer or default on this student loan?

• Long story short: Attended private college for only one month but then dropped out because of financial hardships - no meal plan, no fast transportation aside from bus, etc. Now I'm stuck in a dilemma. Obviously, I had to borrow to attend, even if it was for only a lousy month. But I now owe $3750 because of federal loans that I accepted after the fact. I am not that knowledgeable about loans. I heard that even community colleges (which I plan on attending this year) do not grant financial aid to students who are in default or are in repayment of a monetary amount. Needless to say, defaulting is disastrous, is it not? Are there any benefits to deferring? CAN I defer in the first place? What should I do?

• Answer:

  So long as your loan is in good standing - you're making payments as scheduled - you can defer that loan when you enter community college. So long as you are a part-time or full-time student, you can defer the loan. So long as your loan is in good standing, you can get additional financial aid at any college, including a community college. Under no circumstances should you default on this loan.