• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

US Student Loan Center

Student Loan Forgiveness, Repayment Help, and Options

Member Login
  • Student Loan Consolidation
  • Student Loan Forgiveness
  • Student Loan Repayment Plans
  • Contact Us
  • Blog
You are here: Home / US Student Loan Center / Student Loan Repayment Plans / Hard Time Paying Your Student Loans?

Hard Time Paying Your Student Loans?

February 19, 2014 by Katie Bentley Leave a Comment

Are you having a hard time paying your student loans? Do not default, you have options!
Learn how to postpone or delay your student loan payments!

FORBEARANCE VS DEFERMENT ON STUDENT LOANS

If you have a student loan and are having a hard time making the payments, then you’ve probably heard the words deferment and forbearance thrown around quite frequently and you probably aren’t 100% sure what the difference is (unless you were a wordsmith/geek and knew what forbearance meant).

Let’s try to define each one in ways that are easy to understand shall we?

Forbearance – a refraining from the enforcement of something (as a debt, right, or obligation) that is due
Deferment – the act of delaying or postponing

So, how does this affect you, a student loan holder?

In both cases, you will no longer be required to make your regularly scheduled student payments.
With a forbearance, the interest accrual process still continues, you simply aren’t required to make any additional payments. As interest accrues, you may decide to pay that off or not, that option is left up to you. Any unpaid interest that accrues and isn’t paid off within the period of forbearance is capitalized (made part of the principal).
With a deferment, your loan is frozen in time – interest doesn’t accrue and you aren’t required to make any payments.

How do you get a deferment instead of a forbearance?

Usually a student loan servicer will grant a deferment if you are enrolled in classes at least part-time, defined by the institution you’re currently attending. They do not have their own universal definition of part-time, they rely on the university or college to make that determination.
A forbearance is usually granted on request and with proof of some sort of reason. Your student loan servicer will have a forbearance process and you will simply have to follow that process, which will include an application

Important Note

Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default

*****You MUST continue making payments on your student loan until you have been notified that your request for deferment or forbearance has been granted. If you stop paying and your deferment or forbearance is not approved, you will become delinquent and you may default on your loan.******

For more definition of important terms please visit our list of student loan terms A-Z

Filed Under: Student Loan Default, Student Loan Repayment Plans

Reader Interactions

Previous article: Student Loan Forgiveness For Teachers
Next Post: Understanding Delinquency vs Default On Student Loans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Join over 35,000

Who Have Had Their Student Loans Handled And No Longer Stress About The High Monthly Payment
 
 

Do Not Remove This Widget for Some Reasons

POPULAR ARTICLES

  • Student Loan Forgiveness for Military SpousesStudent Loan Forgiveness for Military Spouses
  • What The Discontinuation Of Sanford Brown Means For YouWhat The Discontinuation Of Sanford Brown Means For You
  • Unemployment Loans: How to Repay Student Loans Without a JobUnemployment Loans: How to Repay Student Loans Without a Job
  • Student Loan Forgiveness For VeteransStudent Loan Forgiveness For Veterans
  • The Top 9 Donors That Pay Off Student LoansThe Top 9 Donors That Pay Off Student Loans
  • How to Apply for a Student Loan With No Cosigner from Sallie MaeHow to Apply for a Student Loan With No Cosigner…
  • Why Student Loans Are ImportantWhy Student Loans Are Important

Footer

Copyright 2021 – US Student Loan Center – All Rights Reserved

DISCLAIMER: Federal Student Loan Programs provided by the Department of Education are generally free to apply for and debtors may apply for relief by themselves. We charge fees for our services, and there is never a Department of Education processing fee. We are not endorsed, sponsored, or in any way related to the Department of Education. A consolidation combines several loans into one for the purpose of lowering a student loan payment. We make no guarantees about APR upon consolidation. APR is set by your student loan servicer. For more information on Fee Free Federal Student Loan Programs please visit www.ed.gov. We solely assist in preparing applications for Government benefits and you are not required to use or obtain these benefits.


Terms And Conditions | Refund Policy | Privacy Policy

US Student Loan Center
2541 N Dale Mabry, #403
Tampa, Fl 33607
Email Support: onboarding@usstudentloancenter.org
Phone: 1-877-433-7501