Each form includes instructions for completing the form. Your lender can temporarily suspend your loan payments while you gather the deferment documentation. For some borrowers, interest is paid by the federal government during deferment. You may also be entitled to a forbearance on your loan, which will delay or reduce your loan payments for a short period of time if you are having financial difficulties. Other forbearances are offered at the lender's option.
Interest continues to accrue during a forbearance and is fully paid by the borrower.
Contact your lender for more information. This Deferment Form Guide lists guidelines for selecting deferment forms based on the borrower s qualifications. Experiencing financial hardship. Top A Closer Look at Loan Consolidation Loan consolidation can simplify repayment and may lower your monthly payment. You can combine your student loans even if you borrowed from more than one lender, have more than one type of loan, or different interest rates or repayment plans on the loans.