What are two ways to postpone repayment of a student loan?

The two main ways to delay payment on your student loans are through deferment and forbearance. With both methods, you are basically putting off making payments on your loan. The difference is that deferment can cost less than forbearance.

Can you postpone loan payments?

Explore Student Loan Deferment and Forbearance If you’re eligible for a deferment or forbearance, you can temporarily suspend your payments. If you choose to use a deferment or forbearance, consider paying the interest that accrues during that period, so that you can avoid some of the consequences.

What are two options for a person who Cannot make payments on their student loans because of financial hardship?

Student loan repayment can be stressful, but you have some options if you’re having a tough time. You can contact your loan servicer, change your repayment plan, and look into loan forgiveness. Or you can consider loan consolidation, deferment or forbearance.

What if I have trouble repaying my loan?

If you stop paying on a loan, you eventually default on that loan. The result: You’ll owe more money as penalties, fees, and interest charges build up on your account. Your credit scores will also fall.

Is there a way to postpone student loan payments?

Some private lenders also offer the option to postpone student loan payments, though this varies by lender. While pausing payments can offer temporary relief, it can also lead to higher interest charges.

How to postpone your payments with deferment or forbearance?

If you are having difficulty making payments and want to see which options fit your specific situation, log in to your account and click Postpone My Payment to see which deferment or forbearance works best for you. Of course, you can also call us at 888.486.4722 to talk through your options.

What should I do if I can’t make a loan payment?

Prioritize your payments: You might need to make difficult decisions about which loans to stop paying and which ones to keep current on. Conventional wisdom says to keep making payments on your home and auto loans, and to stop paying unsecured loans (like personal loans and credit cards) if you must.

When to stop making payments on your home loans?

Conventional wisdom says to keep making payments on your home and auto loans, and to stop paying unsecured loans (like personal loans and credit cards) if you must. The rationale is that you really don’t want to get evicted or have your vehicle repossessed.