If you need assistance with your payments, your lender may offer alternative payment options, such as deferment or forbearance options.
In a deferment program, the repayment of the principal and interest on your loan is temporarily delayed. In a forbearance program, the monthly repayment of your loan is paused or reduced. Interest will continue to accrue and any remaining balance of interest will be capitalized (added to your principal balance) at the end of the deferment or forbearance period.
The programs are dependent on your promissory note, which is located under Documents when you log in online. There are several programs that you may be eligible for, including:
- Enrolled in school
- Economic hardship
- Active military service
- Post-active military service
- Natural disaster