Of course. Sometimes, you just need to suspend your student loan payments for a short period.
Are you in a short-term financial bind?
No, I just wanted to learn about the process, should I ever get into this situation.
Can I be eligible for loan forgiveness if I already paid back a large amount of the loan?
Yes, you can qualify for loan forgiveness on your remaining balance if your loan is not paid in full after 20 or 25 years.
What if I'm eligible for a deferment or forbearance?
In that case you can temporarily suspend your payments.
How can you provide relief to student loan borrowers during the COVID-19 national emergency?
To achieve this, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payments. This suspension of payments will last from March 13, 2020 , through Sept. 30, 2020, but you can still make payments if you choose.
That's good to know. What if I have a loan balance of $ 30,000 and an interest rate of 6 % and you are in forbearance for a year right after you enter repayment ?