Hi, I have had some unexpected expenses and am unable to pay my student loan for a period. Is there some way that I could get help with this?
Yes you may be able to suspend your student loan payments for a short period.
Would this be a short-term financial problem?
No I don't think this is going to be short-term.
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What are my options for deferring payments on my student loan?
If you are eligible you may be able to temporarily suspend your payment but it would be advisable to consider paying the interest that accrues during that period.
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Would I be able to suspend my monthly payments as I am without work as a result of COVID-19?
To provide relief to students during this time federal student loan borrowers are automatically being placed in an administrative forbearance which allows you to temporarily stop making your monthly loan payments. This suspension of payments will be from March 13, 2020 through September 30, 2020.
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Is it possible that I could lower my payments on an income-driven repayment plan?
Yes this is possible and it might be better to consider a income-driven repayment plan than deferring payments altogether. Income-driven plans base your monthly student loan payments on your income and family size.
Are there any tax implications of going for an income-driven repayment plan?
Yes you might have to pay taxes on the amount forgiven especially if you are making payments of $0 per month.
