Postpone Payments

Options to Consider Before Postponing Payments

Before you postpone your payments, consider an Income-Driven Repayment (IDR) plan. IDR plans offer the same short-term benefits as postponing payments, including:

In addition to the immediate benefits, IDR also leads to loan forgiveness if a remaining balance exists after 20 or 25 years of qualifying payments (even if your qualifying payments are for $0.00 per month).

Most of our borrowers on an IDR plan have a $0.00 monthly payment!

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About Deferment and Forbearance

Program Overview
What they mean

A deferment or forbearance allows you to temporarily postpone your monthly payments under certain circumstances, such as:

  • Enrollment in school
  • Economic or temporary financial hardship
  • Unemployment
  • Military deployment
  • Natural disaster
Paying interest

Deferment:

  • Subsidized Stafford/Subsidized Consolidation loans—The government pays the accrued interest during any approved periods of deferment.
  • All other loan types—You are responsible for paying the daily interest accrual.

Forbearance:

All loan types—You are responsible for paying the daily interest accrual during periods of forbearance.

Requesting a deferment or forbearance
  • A school deferment can be automatically applied on your behalf.
  • In other cases, to receive deferment or forbearance, you must apply and meet the qualifications.
Endorser/Co-Maker requesting a deferment or forbearance

Endorser:

  • Deferment—Only the borrower can request a deferment.
  • Forbearance—Either you or the borrower can request a forbearance.

Co-Maker:

  • Deferment—Both you and the borrower need to request and qualify for a deferment. It does not have to be the same type of deferment.
  • Forbearance—Both you and the borrower need to request and qualify for a forbearance. It does not have to be the same type of forbearance.

Keep in mind

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