Delaying a Payment

Several options are available to you if you need to delay or lower your student loan payment. To find out more, review the sections below to learn about the different options.

Deferment

Depending on your situation, you may qualify for a federal loan deferment, which means you will temporarily stop making payments without being responsible for late fees or penalties. You are eligible for deferment as long as you meet the qualifications for that type of deferment.

Interest will continue to accrue on your unsubsidized Stafford, Parent PLUS or Grad PLUS Loans during deferment, so deferring payments for an extended period of time could substantially increase your total loan balance. Iowa Student Loan strongly encourages you to make payments that at least cover your accrued interest during deferment.

Learn more about deferment and the types of deferment you may be eligible for.

Forbearance

Forbearance is another type of postponement for loan payments. You may qualify for forbearance because of economic hardship, military or national service, a state of emergency or a similar situation. Forbearance is granted at the discretion of the lender; you are not necessarily entitled to forbearance even if you meet the qualifications.

If you choose to place your loans in forbearance, interest will accrue and will be added to your loan; therefore, forbearing payments for an extended period of time may substantially increase your loan balance. Iowa Student Loan strongly encourages you to make payments that at least cover your accrued interest to avoid increases in your loan balance.

Learn more about forbearance.

Military Deferment

You may qualify for deferment if you are actively serving or did serve in the military while attending school or making student loan payments. If you are or were a member of the U.S. armed forces, National Guard or Reserve and you are having trouble making your payments, learn more about military, public service and post-active duty deferment options.