Is forbearance or deferment available for private student loans?

Deferment or forbearance is a temporary pause to your student loan payments for specific situations. If you postpone payments, you may eventually owe the new interest charges even if you’re not making payments. You have to apply to your loan servicer for forbearance or deferment, and you must continue to make payments until you’ve been notified your forbearance or deferment has been granted. The terms and fees associated with postponing payments vary and may be less borrower-friendly terms than the federal student loan options.

Private student loans may or may not have a deferment or forbearance option, and the rules vary among lenders. Contact your loan servicer as early as possible if you want to explore your options.