Payment deferrals aren’t the only solution to help you manage debt payments during financial hardship. You can also consider:
Partial payments: Some lenders may allow you to make partial payments. A partial payment is similar to a payment deferral, but instead of skipping your entire payment, you make smaller payments. In some instances, you may be able to pay the interest only, which will prevent interest from the building during your deferral term.
Adjustment of terms: An adjustment of terms involves changing the amount of time you have to pay your loan back. Generally, you and your lender agree to lengthen your loan term, reducing your loan payments by spreading your payments out over a longer period of time. An adjustment of terms will lengthen the amount of time it takes to pay off your loan, and as a result, may increase interest charges over the course of the loan, but it’s a more proactive option than late or missed loan payments.
Loan insurance or creditor insurance: Loan or creditor insurance can cover some or all of your payments during an unexpected job loss, illness or disability that prevents you from working. Check-in with your lender to see if you qualify for any loan or creditor insurance you may have opted into when you took out the loan.