Of course. Sometimes, you just need to suspend your student loan payments for a short period.
Are you in a short-term financial bind?
Yes, I am. I currently have some problems with some expenses.
Then you may qualify for a deferment or a forbearance. With either of these options, you can temporarily suspend your payments.
What about the current Covid-19 crisis? Do I still have to pay?
There is a new Automatic Suspension of Monthly Payments as a Result of the COVID-19 National Emergency.
Can I temporarily suspend my payments?
Yes, you can temporarily suspend your payments if you are eligible for a deferment or forbearance.
Alright, this is all very new to me. So what effect does this all have on my interest?
Because interest accrues on your principal balance, capitalization will cause more interest to accrue over time than if you had paid the interest. It will also increase your monthly payment under most repayment plans.
That's not that great, but I understand it. What if I'm pursuing loan forgiveness, though?