How can my Student Loan Payments be Deferred?
Student loans can be a burden at any time, but even moreso when we find ourselves in unforeseen situations that take a toll on our finances. You are not alone and may have some options available to you.
When it comes to deferment and/or forbearance options, however, there are two important things to consider before you make the decision to move forward.
In most cases, interest will still accrue during your period of deferment or forbearance. The exception to this is during times such as the recent CARES Act, Executive Order and extension from Secretary of Education, which allowed for deferment until 9/30/2021. This means that outside of these exceptions, while you are not required to make payments, your balance will continue to increase, and you’ll ultimately pay more over the life of your loan. You can read more about this on our blog here: President Biden Extends Student Loan Relief
You should also keep in mind that if you're on a repayment plan that includes loan forgiveness or will consider this option in the future, any period of deferment or forbearance will in most cases not count toward your forgiveness requirements. This means you’ll stop making progress toward forgiveness until you resume repayment again.
If you are still interested in looking at your options, you can get started by looking at StudentAid.gov or contacting your loan servicer directly. You can find contact information here.
If you have other questions, you can catch us on Live Chat or through email at firstname.lastname@example.org.