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April 8, 2021 12:30 PM Kat Tretina - Forbes Advisor
Posted:
Updated:
April 8, 2021 6:50 PM
If you cannot afford your federal student loan payments, you may qualify for a deferment program that allows you to postpone your payments temporarily. As of the first quarter of 2020 the latest reported data before the CARES Act suspended loan payments approximately 90,000 borrowers were enrolled in economic hardship deferment, holding $3.5 billion in outstanding student loans.
If your loan servicer approves your economic hardship deferment request, you can stop making payments for up to three years.
Here’s what you should know about this deferment option and how to apply.