Postponing Payments

Although you may not be having difficulties paying your monthly bill, we understand that there may be times when you need to stop making payments for a short period of time. But, if you are looking to postpone your payments because you are having trouble paying, there may be a more suitable option available to you!

Many of our borrowers on an Income-Driven Repayment (IDR) plan have a $0.00 monthly payment!
An IDR plan may provide the long-term solution you're looking for, and could replace your need to postpone your payments!
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Deferments and Forbearances

Deferments and forbearances allow you to temporarily postpone your monthly payments under certain circumstances. However, your best option may not be to postpone your payments, especially if you are working towards loan forgiveness or if you are trying to stick to a specific repayment strategy.

Postponing your payments may delay the time it takes to qualify for loan forgiveness.

Due to an increased potential of interest capitalization, postponing your payments could have a huge impact on how much you pay back. Additionally, delaying payments toward your interest and principal balance may impact when your loans will be paid in full.

Deferment

If you have a Direct Subsidized Loan or a subsidized portion of a Direct Consolidation Loan that has not , interest does not accrue during any approved period of deferment for these loans. This is also the case for Federal Subsidized Stafford Loans and a subsidized portion of a Federal Consolidation Loan. You are responsible for the interest that accrues daily on all other loan types.

Forbearance

You are responsible for the daily interest accrual during periods of forbearance on all loan types. If you can, paying the interest while on forbearance could save you money over the life of your loan.

Learn About the Benefits of Paying Interest!

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Continuing Your Education

If you are returning to school or entering an internship/residency program, you may qualify for a deferment or forbearance that would postpone your payments while you continue your education.

Eligibility Quiz

Determine if your federal student loans are eligible for a deferment or forbearance.

Suspending payments can have a big impact on the overall cost of repaying your student loans. Consider making payments to limit the interest that may capitalize (be added to your balance) over time.

Review the information below to see how paying your outstanding interest can impact your monthly payment and your total amount to be repaid.

In the example above you would save more than $65 per month if you paid the outstanding interest before it capitalized (was added to the principal balance). This amounts to potential savings of more than $2,000 over the life of the loan!

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Serving on Active Duty

You may qualify to postpone your payments during a period of active duty service if you are:

  • Serving on qualifying National Guard duty,
  • Serving as a reservist or retired member of the Armed Forces,
  • Serving as any other member of the Armed Forces who has been assigned to a duty station at a location other than the location where you are normally assigned, or
  • Serving as a member of the National Oceanic and Atmospheric Administration (NOAA) or officer of the Commissioned Corps of the Public Health Service, depending on the dates your loans were disbursed.

Eligibility Quiz

Determine if your federal student loans are eligible for a deferment or forbearance.

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Options to Postpone Payments for Endorsers and Co-makers

If you are interested in applying for a deferment or forbearance, you should know what your options are.

Endorser

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

Learn More About Being an Endorser

Co-maker

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

Learn More About Being a Co-Maker

Trouble Paying?
If you can't afford your student loan payments, don't wait until you fall behind to seek assistance.