DELAY REPAYMENT OF A FEDERAL PLUS LOAN FOR PARENTS
There are reasons why you may not be able to meet the obligations of your Parent PLUS Loan. The good news is you don’t have to default on your Parent PLUS Loan or possibly hurt your credit.
Delay Payments with a Deferment
If you wish to delay payment on your Parent PLUS Loan, you may be eligible for a deferment. If you qualify, your loan repayment schedule may be temporarily postponed.
For example, you may be eligible for a deferment if you: - Are attending school at least half time,
- Are unemployed,
- Are studying in an approved graduate fellowship or rehabilitation program, or
- Are experiencing economic hardship
Get a breather from payments for up to four years.
Our Parent PLUS Loan forbearance option allows you to forgo making monthly payments for up to four years. You must apply for forbearance annually and you will be responsible for interest that accrues during forbearance.
Here are some other important facts about forbearance:
- Forbearance must be applied for each year.
- You must continue to make all necessary loan payments until notified by your loan servicer that forbearance has been approved.
- The forbearance period is excluded from the period of repayment. So, if your repayment period is 10 years, the 10-year period will not begin until you are making loan payments.
Let Us Help
If you need to postpone your payments1, please notify our Customer Service Department at (877) 689-0763, or call your loan servicer for more information.
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