If you have trouble meeting repayment obligations, you may be eligible to postpone or lower repayments for a period of time without hurting your credit.

Delay Payments with a Deferment

To delay payment on a Stafford Loan, you can apply for a deferment. If you are eligible, your lender is required to honor your request and the government will pay the interest that accrues on your subsidized Stafford Loan during the deferment period. You will be responsible for repaying all accrued interest with an unsubsidized Stafford Loan.

You may be eligible for a deferment if you:

• Study at least half time at a postsecondary school, or
• Study in an approved graduate fellowship program or in an approved rehabilitation training program for the disabled, or
• Are unable to find full-time employment, or
• Have economic hardship, and
• Are not more than 180 days behind on your loan payments

The Option of Forbearance

In other cases of financial difficulty, you may be eligible for forbearance. Forbearance lets you stop loan payments or reduce their amount for a period of time. Please keep in mind that in some cases, such as temporary financial hardship forbearance, is granted at the discretion of your lender. You will be responsible for all of the interest that accrues during this period, whether the loan is subsidized or unsubsidized.

Download a Deferment or Forbearance Form

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