If you're struggling to make payments on your student loans, you may be able to pause payments temporarily. While the U.S. government granted an automatic freeze on student loan repayment during the COVID-19 pandemic, federal student loans have always carried eligibility for deferment and forbearance. These options allow you to postpone payments for a period of time.
While private loans don't qualify for these federal programs, some private lenders do offer deferment or forbearance options to borrowers if you meet certain criteria. If you're having trouble repaying your loan, reach out to your loan servicer to find out about your options.
While pausing payments can give you financial relief, it can also come with a downside: In most cases, your loans will continue to accrue interest, causing your balance to grow even bigger.