Repayment Assistance Options

Repayment Assistance Options

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

These options are intended to provide temporary relief of your monthly 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 your payments. You may be eligible if you are in school at least half-time, on active military duty, serving in a public service organization or in a medical residency.
Early Repayment Assistance Program A 3-month extension of your grace period. You may be eligible if you are within the first three months of your repayment period and your student loan(s) are less than 60 days delinquent.
Payment Extension Allows for a borrower to bring their loan current by making three minimum monthly payments (or the equivalent amount of three minimum monthly payments) within a 90-day period. You may be eligible if you have been in repayment for more than six months, your student loan(s) are more than 60 days delinquent and your loans have not been in forbearance for the past six months.
Reduced Payment The Minimum Monthly Payment is reduced to approximately the monthly interest amount, subject to a $50.00 minimum, for an initial period of six months. You may be eligible if your student loan(s) are less than 60 days delinquent and you did not previously participate in a similar repayment option.
Forbearance Payments are initially postponed for up to 9-months. Once a borrower has made six months of on-time payments, following the original 9-month forbearance period, they may become eligible for an additional 3-months of forbearance for a cumulative maximum of 12 months. You may be eligible if you experience hardship due to unemployment, economic hardship, excessive student loan burden or medical disability.
Hardship The interest rate is temporarily reduced for six months to lower your Minimum Monthly Payment amount, subject to a $50.00 minimum. Certain loans, that were purchased and serviced by Discover, may be eligible if you are experiencing extreme economic hardship or excessive student loan burden.

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