Postpone Your Loan Payments

No money? No Problem! If you can't make payments on your student loans,don't panic, you are not alone!!   Here are two options that will give you temporary relief from making payments and give you time to get back on your feet without penalties!!

Deferment

Deferment is your best option if you can't pay your student loan. A deferment means there are no payments due on your student loan for that approved period of time. For subsidized Stafford Loans, the government pays interest that accrues during the deferment period. You must qualify for deferment and may be asked to provide some documentation.

Are you?

• Unemployed?
• In the Military?
• Enrolled in school half time or full time?
• Receiving public assistance (food stamps)?
• Is your monthly loan payment > 20% of total monthly income?

More information on Deferments click here.

Forbearance

When you need a temporary break from making payments on your student loan but don’t qualify for deferment, forbearance is your best option. While in forbearance your monthly payments are put on hold, giving you the chance to get back on your feet! Remember that the interest accrues on your loan while in forbearance so when possible make payments to keep the balance of your interest down (recommended).

Reasons for forbearance include:

• Enrollment in school less than half-time
• A reduction in work hours
• Unexpected financial hardships
• Poor health
• A life-changing circumstance
• Any other hardship that prevents you from paying on your loan

 Apply here for Forbearance