If the coronavirus has cut your income, here’s how to stop or lower student loan payments:
, according to the current tax law. If you have a large loan balance and you’re paying very little toward it, that could leave a large amount to forgive at the end of your repayment term. You can view your potential payment, and how much you might get forgiven, using the government’sSome of your loans may not qualify. You can’t repay parent PLUS loans, Perkins loans or those from the Federal Family Education Loan program on income-driven repayment.
Typically, interest would continue to accrue during both deferment and forbearance, except for borrowers with subsidized federal loans . That accrued interest would get added to your balance at the end of your deferment or forbearance period, increasing the amount you owe.
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