If you are having difficulty making your monthly payments, we have options to help temporarily manage your parent loan or student loan payments. Please call our Repayment Assistance Department at 1-800-STUDENT to determine if you qualify.

These options are intended to provide temporary relief of your monthly parent loan or student loan payments. The Reduced Payment and Hardship options provide you with a lower regular monthly payment, as described below. The other options postpone your regular monthly payments, although interest will continue to accrue. You can choose to pay the interest as it accrues or we will add any unpaid interest to your principal balance when your standard repayment schedule resumes, which may increase the amount of your monthly payments and the total cost of your loan(s).

Payment Assistance Option What is it? Am I eligible?
Deferment A temporary postponement of payments. Borrowers must be enrolled in school at least half-time, on active military duty, serving in a qualified public service organization or in a medical residency.
Early Repayment Assistance Program A 3-month deferral of payments. Certain loans may be eligible if students are within their grace period or the first 3 months of their repayment period.
Payment Extension Allows students to bring their loan current by making 3 minimum monthly payments (or the equivalent amount of 3 minimum monthly payments) within a 90-day period. Borrowers must have been in repayment for more than six months, their loan(s) are 60 or more days delinquent and their loans have not been in forbearance for the past six months.
Reduced Payment The Minimum Monthly Payment is reduced to an amount greater than or equal to the monthly interest amount, but less than a full monthly principal & interest payment, subject to a $50.00 minimum, for an initial period of six months. Loan(s) must be less than 60 days delinquent.
Forbearance A forbearance postpones your loan payments for up to 12 months during the entire term of your loan. Customers cannot receive 12 months of forbearance consecutively. Customers are required to make a certain number of on-time payments to be eligible for additional months of forbearance for a cumulative maximum of 12 months. Certain loans may be eligible if the borrower is experiencing hardship due to a lack of sufficient income or temporary increase in monthly expenses.
Hardship The interest rate is temporarily reduced for 6 months to lower your Minimum Monthly Payment amount, subject to a $50.00 minimum. Certain loans may be eligible if the borrower is experiencing extreme economic hardship.

Certain options may be renewed or recommended if eligibility requirements are met. To determine if one of these options is right for you, please call our Repayment Assistance team at 1-800-STUDENT.

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