There are a number of reasons why you might want to defer your Sallie Mae loans. Perhaps you’re returning to school, taking a hiatus from your studies, or experiencing financial hardship. Whatever the reason, it’s important to know how to defer your loans so that you can stay on top of your payments and avoid any potential penalties.
Here are a few tips on how to defer your Sallie Mae loans:
1. Contact Your Loan Servicer
The first step is to contact your loan servicer and let them know that you need to defer your loan payments.
You will likely be required to provide documentation explaining the reason for the deferment request.
2. Request a Deferment or Forbearance
Once you have been approved for a deferment or forbearance, you will not be required to make any loan payments during this time period.
However, interest will continue to accrue on unsubsidized and PLUS loans during a deferment, so it’s important to stay on top of those payments if possible.
- There are a few things you can do to defer your Sallie Mae loans
- The first thing you should do is contact your loan servicer and explain your financial situation
- They may be able to offer you some options, such as deferring your payments for a period of time
- If you qualify, they will put your account into forbearance, which means you won’t have to make any payments for a certain amount of time
- If you can’t afford your payments, but don’t qualify for forbearance, you can try applying for an income-driven repayment plan
- With these plans, your monthly payment is based on your income and family size
- If you have a low income or are unemployed, your payments could be as low as $0 per month
- You can apply for an income-driven repayment plan online at StudentLoans
- If you still can’t afford your payments after trying an income-driven repayment plan, you can consolidate your loans into a Direct Consolidation Loan
- This will give you a new loan with a lower interest rate and longer repayment term
- You can apply for consolidation online at StudentLoans
- gov or by calling the Direct Consolidation Loan Servicing Center at 1-800-557-7392
Before You Defer Your Student Loans, Watch This
Can You Pause Sallie Mae Loans?
Yes, you can pause Sallie Mae loans. If you have a private student loan from Sallie Mae, you may be able to put your payments on hold for a period of time. This is called a deferment or forbearance.
With a deferment, you don’t have to make payments for a set period of time. Interest will continue to accrue during this time, however, and will be added to your principal balance when the deferment ends.
With forbearance, you are still responsible for making interest payments even though you are not required to make full monthly loan payments.
Forbearance is typically granted in shorter increments than deferment and is generally used in cases of financial hardship or other extenuating circumstances. You should contact your servicer to discuss your options if you are having difficulty making your monthly loan payments.
Are Sallie Mae Loans Being Forgiven?
As of right now, there is no indication that Sallie Mae loans are going to be forgiven. However, this could change in the future given the current political landscape. For example, the new administration has proposed forgiving $50,000 in student debt for borrowers who have been in repayment for at least 20 years.
This is just a proposal at this point, but it shows that there is a possibility for Sallie Mae loans to be forgiven in the future.
Can I Keep Deferring My Student Loans?
There are a few different types of student loans, and each one has its own deferment options. For federal student loans, you can usually defer payments for up to three years. If you have a private loan, you’ll need to check with your lender to see what kind of deferment options are available to you.
In general, though, you can’t keep deferring your student loans forever. Eventually, the time will come when you’ll need to start making payments. However, if you’re having trouble making ends meet or if you’re facing other financial challenges, there may be other options available to help you out.
For instance, if you’re struggling to make your monthly payments, you could consider consolidation or refinancing your loans. These options can help lower your monthly payment amount and make it more manageable. You could also look into an income-driven repayment plan which bases your payment amount on how much money you’re bringing in each month.
If worst comes to worst and you can’t afford to make any sort of payment at all, then defaulting on your student loans is an option – although it’s not one that we would recommend unless absolutely necessary. Defaulting means that your credit score will take a hit and it’ll be harder for you to get approved for future loans (like a mortgage). It’s also important to note that defaulting on your student loans can lead to wage garnishment and even legal action being taken against you.
How Can I Get Out of Paying My Sallie Mae Loan?
There are a few options available if you find yourself in a position where you can’t afford your Sallie Mae loan payments. You can contact your loan servicer to discuss your options, which may include deferment or forbearance, changing your repayment plan, or consolidating your loans. If you’re still struggling after trying these options, you may be able to discharge your loans through bankruptcy.
However, this is a last resort option and should only be considered if you have no other way to make your loan payments.
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Sallie Mae Forbearance Form
Forbearance is a form of relief that Sallie Mae offers to borrowers who are having trouble making their monthly student loan payments. If you’re approved for forbearance, your payments will be reduced or suspended for a period of time. This can give you some much-needed breathing room if you’re facing financial difficulties.
To apply for forbearance, you’ll need to fill out and submit a forbearance form. This form is available on the Sallie Mae website. Once your form has been processed, you’ll be notified of the decision by mail.
If your application is approved, you’ll need to make sure to keep up with any required paperwork and continue making at least partial payments on your loans (if applicable).
If you’re struggling to make your student loan payments, don’t hesitate to reach out to Sallie Mae for help. The forbearance process can provide some much-needed relief in times of financial hardship.
Are Sallie Mae Loans Deferred for Covid
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a number of temporary changes to student loan repayment. One provision in the CARES Act allows borrowers with federally held loans to request a forbearance of up to 180 days. Borrowers can also request an extension of their forbearance period for an additional 180 days.
Sallie Mae is a student loan servicer that services both federal and private student loans. If you have a Sallie Mae-serviced loan, you may be wondering if you can take advantage of theCARES Act’s provisions.
The good news is that Sallie Mae is offering assistance to borrowers affected by the coronavirus pandemic.
According to Sallie Mae’s website, eligible borrowers can defer their payments for up to six months. Interest will continue to accrue during this time, but no late fees will be charged.
To apply for deferment or forbearance, login to your online account and select “Coronavirus Assistance” from the dropdown menu under “I need help with.”
You’ll then be able to select whether you want to defer your payments or request forbearance.
Sallie Mae Login
Assuming you would like a blog post discussing the process of logging into a Sallie Mae account:
“Sallie Mae Login”
If you have a Sallie Mae account, logging in is easy.
Just head to their website and enter your username and password where prompted. If you don’t have an account yet, no problem! You can create one by clicking on the “Sign Up” button on the homepage.
Creating an account only takes a few minutes and then you’ll be able to log in and manage your student loans online.
Conclusion
If you’re struggling to make your student loan payments, you might be considering deferment or forbearance. But what’s the difference? And which one is right for you?
Deferment is a temporary postponement of loan payments, while forbearance is a temporary suspension of loan payments. With deferment, your interest doesn’t accrue during the deferment period. With forbearance, your interest continues to accrue and will be added to your principal balance when the forbearance period ends.
To defer your Sallie Mae loans, contact your servicer and request a deferment form. Once you’ve completed and returned the form, your servicer will process it and notify you of the outcome. If you’re approved for deferment, make sure to continue making timely payments until you receive confirmation that your deferment has been granted.
Forbearance works similarly – just contact your servicer and request a forbearance form. Be aware that there are two types of forbearances: mandatory and discretionary. Discretionary forbearances are up to the servicer’s discretion, while mandatory forbearances are required by federal law (for example, due to financial hardship).
Both deferment and forbearance allow you to temporarily postpone or reduce your student loan payments.