What if you can’t repay your Loan?
If something happens that temporarily affects your ability to make payments, contact your loan holder immediately. You may be eligible for a deferment or forbearance.
Deferment
You may postpone repayment if you submit a deferment request to your loan holder with evidence that verifies your eligibility. Upon request, the loan holder will provide a defer¬ment application that lists deferment types and eligibility requirements. You may be eligible for a deferment if you’re:
- Attending an eligible school at least half-time.
- Pursuing a graduate fellowship program or rehabilitation training program approved by the U.S. Department of Education for individuals with disabilities.
- Conscientiously seeking but unable to find full-time employment.
- Suffering economic hardship as defined by federal regulations.
Beginning October 1, 2007, all borrowers who meet the criteria for military deferment are eligible for deferment if they’re serving on active duty during war or other military operation or in a national emergency, including qualifying National Guard duty.