Student Loan Repayment Options

If you need some help making your student loan payments each month, consider your options.

A deferment allows you to temporarily delay repayment of your student loans for a specified period of time.  There are many different situations that would make a person eligible to defer their payments.  Some of the most commonly used deferments cover unemployment, enrollment in school, or economic hardship.

A forbearance is an option available to people who do not qualify for a deferment.  If you are financially unable to make your student loan payments, you may be eligible for a temporary suspension or reduction of payments.

The big difference between deferment and forbearance is that borrowers with subsidized student loans on deferment have the accrued interest paid for them by the federal government.

You can use our Form Selector to determine whether a deferment or a forbearance best meets your needs.

Various repayment plans are also available to help you manage your student loan debt:

Standard Repayment allows you to make equal monthly payments during the entire term of the loan.

Graduated Repayment lowers your monthly payment amount as you enter the job market after college.  Payments increase every two years, as you are better able to manage your money and get settled in a job.

Income Sensitive Repayment lowers your monthly payment amount by basing your payments on a percentage of your income (from 4% to 25%), allowing you to extend your repayment period up to fifteen years.

Extended Repayment is available for new borrowers who accumulate student loan debt greater than $30,000 with the first loan disbursement having been on or after October 7, 1998.  The repayment term for these loans may be extended up to 25 years.

We can help!  Contact us if you have questions.