How to Postpone Paying Your Student Loan

Student loans have allowances, grace periods and low interest rates built into them with the understanding that students simply don't have much money. Your lender will let you know when your payments begin, most often once you graduate from school or when you are less than a half-time student. If you're unable to begin paying your loan and want to postpone payment, consider the following.

Instructions

1. Stay in school. Sure, you will be racking up more debt, but as long as you are a full-time or more than half-time student, you do not have to start paying back your student loans.

2. Ask for forbearance. Forbearance is a temporary hold on loan payments. Think of it like an extended grace period. Each lender has criteria you must meet for this, so inquire with your personal lender.

3. Request a deferment. This is similar to a forbearance, but with a deferment you are usually still responsible for the interest in the grace period even if you aren't making payments.

4. Request a cancellation. There are certain instances (if you're teaching in low-income areas or in certain subjects) in which you may be eligible for a cancellation.

Tips & Warnings

• Don't postpone payment unless you have to. The best plan is to make the full payment on time according to your payment plan.

• Don't miss any payments or you may go into default, which can allow the lender to take the payments from your paycheck and will negatively affect your credit score.