Many lenders offer deferment and forbearance programs, although they vary by loan type and servicer. Here’s how the two types of relief work:
Student loan deferment: If your loans are in deferment, you won’t have to make payments during specific windows, such as while you’re enrolled in school. You won’t pay a penalty for missing a payment during these time frames, and it won’t affect your credit.
Student loan forbearance: If you’re financially struggling, you might be able to enroll in a forbearance program. These allow you to temporarily pause payments while you’re unemployed, ill, affected by a natural disaster or going through another type of financial hardship. In forbearance, your interest may continue to accrue.