Check with your lender to determine if your loan has any provision for cancellation. Forbearance - Temporarily suspends payments, or grants an extension of time for making payments or reducing the size of the monthly payments. Here's a money management tip If you are experiencing financial difficulties and are unable to make your monthly student loan payment, talk with your lender or servicer. Don't put your student loan bill at the bottom of the pile and ignore it. You may be eligible for forbearance or economic hardship, which is granted for a specific time but no longer than one year at a time.
Interest does continue to accrue.
This interest can be paid or capitalized. So, don't waste time. Or if you don't want to file for forbearance, you can review your repayment plan with your lender. You may want to change from a standard plan to a graduated plan or an income sensitive plan. Remember, to call your lender or servicer if you are having trouble meeting your monthly student loan payments.