Should you postpone paying your federal student loans?

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Published by NSLS at March 31, 2023

Student Loan Tip! Should you postpone paying your federal student loans? You may not need to, but it will depend on your specific situation. Here are some things to consider:

If your inability to pay is a long-term issue, enrolling in an Income Driven Repayment (IDR) plan may be best. An IDR plan allows you to make payments based on your income and household size. If you have no income because you don’t have a job, that payment can be as low as $0. There are additional benefits to being in an IDR plan, like loan forgiveness.
If you just need short-term relief because life happened, postponing repayment may be a good option. You will need to find out if you qualify for a deferment or forbearance by calling your student loan servicer.

For more information on postponing a student loan repayment, please visit EDCAP’s website.

Nassau Suffolk Law Services’ is a participating agency in the EDCAP (Education Debt Consumer Assistance Program) Network. EDCAP helps New Yorkers navigate the student loan system regardless of the type of education debt, federal or private. EDCAP offers free, one-on-one counseling with our student loan experts who only have your best interests at heart. Nassau Suffolk Law Services can also assist when a defendant is being sued on a higher education debt matter. Please contact the EDCAP helpline at (888) 614-5004 or be screened for legal services by Nassau Suffolk Law Services at (516) 292-8100.