Pause Payments

Can I put my student loan payments on hold?

If you can’t afford to make payments, deferment and forbearance programs can provide temporary relief. These plans pause monthly payments while you deal with your financial or personal troubles.

Unemployment Deferment

This is one of the more common forms of deferment. You probably qualify if you’ve lost your job and can’t find work, or you work less than 30 hours per week. It can be used for up to three years. Learn more and apply here.

Economic Hardship Deferment

Another common deferment program. You may qualify if your income falls below a certain amount or you’re receiving government assistance. Like Unemployment Deferment, it may be used for up to three years. Learn more and apply here.

Specialized Deferment and Forbearance Programs

There are several other programs created for borrowers in very specific circumstances. You'll find a complete list here. You may qualify if you match one of the descriptions below.

  • I’m currently enrolled in school at least half-time.
  • I’m either on active-duty military service or recently completed active-duty service.
  • I’m being treated for cancer.
  • I’m enrolled in an approved graduate fellowship program.
  • I’m in a vocational, drug abuse, mental health, or alcohol abuse rehabilitation program.
  • I’m a parent who received a Direct PLUS Loan to pay for my child’s education.

The Price of Deferment and Forbearance

Be aware that deferment and forbearance programs can cost you money. Depending on the type of loan(s) you have, your account may continue to build interest while your payments are paused. This is called “accrued interest” and it can substantially increase the overall cost of your loans.

A better option might be an income-driven repayment (IDR) plan like the SAVE Repayment Plan. You can qualify for a payment as low as zero dollars and interest will not accrue as long as you are meeting your monthly payment obligations.

If you choose a deferment or forbearance program, you can avoid the negative impact of accrued interest by paying it off each month your payments are paused.

To better understand the potential costs of deferment you, follow these steps:

Explore Your Options Before You Commit

Did you know some repayment plans offer zero-dollar monthly payments? Depending on your personal situation, switching plans may offer a better deal than pausing your monthly payments. Before enrolling in a deferment or forbearance program, take time to investigate all your options.