3 Important Things to Consider for Deferment or Forbearance

Although deferment or forbearance can be real lifelines when you are in a financial crunch with absolutely no way to make your payments, they can create even more financial problems for you if you make a rash decision.

A black and white picture of a student thinking with their chin resting on their hands.

Things to Consider with Deferment or Forbearance

Before you consider deferment or forbearance options, here are a few things you need to take into consideration:

  • Deferment and forbearance are only temporary debt relief measures. You can postpone your payments for only up to three years. Neither of these are permanent debt solutions.
  • You can only pursue either one only once. After the 3-year postponement period lapses, you cannot extend or postpone the payment anymore.
  • It may be a better idea to first consider consolidate your student loans into one new loan with a lower interest rate.

Last Resort Options

When it comes to paying back student loans, it is always best to stick to the repayment plan. Explore different money-saving options. Look for ways that you can earn more.

Consider them as the last resort and only apply for these options if you are heading towards default, bankruptcy or delinquency. These could have a far greater ongoing impact by negatively affecting your credit history and making it far more difficult for you to get any other loan in the future.


Lender Rates (APR) Eligibility
Earnest company logo.
Variable APR: 1.99%* +
Fixed APR: 2.98%* +
Undergraduate and Graduate
Lendkey company logo.
Variable APR: 1.90%* +
Fixed APR: 2.95%* +
Undergraduate, Graduate, Parent PLUS
Credible company logo.
Variable APR: 2.13%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate
Laurel road company logo.
Variable APR: 1.89%* +
Fixed APR: 2.50%* +
Undergraduate and Graduate
Commonbond company logo.
Variable APR: 2.46%* +
Fixed APR: 2.59%* +
Undergraduate, Graduate, Parent PLUS
Fixed APR: 2.74%* +
Undergraduate, Graduate, Parent PLUS
VISIT ISL Education Lending
Variable APR: 1.95%* +
Fixed APR: 2.55%* +
Undergraduate, Graduate, Parent PLUS
VISIT Nelnet
Variable APR: 2.94%* +
Fixed APR: 2.99%* +
Undergraduate and Graduate
VISIT College Ave
Variable APR: 2.39%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate, Parent PLUS

*APR includes a 0.25% interest rate reduction for enrollment in automatic payments.

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