Can I defer or forbear my Direct Loan payments?

Yes, borrowers have the options to defer or forbear their Direct Loan payments, depending on their individual circumstances. A deferment is a period during which borrowers can temporarily stop making payments on their Direct Loans without accruing interest, or interest may only accrue on certain types of loans. Common reasons for requesting a deferment include returning to school, economic hardship, or military service. It is important for borrowers to check eligibility requirements for deferment, as they can vary depending on the type of loan and the specific situation. Forbearance, on the other hand, allows borrowers to temporarily stop making payments or to reduce the payment amount. Interest continues to accumulate during forbearance, which means the total loan balance may increase. Borrowers may request forbearance when they are experiencing financial difficulties, or they may qualify for mandatory forbearance under specific circumstances, such as medical residency or unemployment. Both deferment and forbearance require borrowers to submit a request, which includes substantiating documentation for their situation. It is essential to stay in contact with the loan servicer to ensure that the status of the loans is up to date and that any requests are appropriately processed. For the most accurate and detailed information regarding deferment and forbearance options, including the application process, it may be beneficial to consult the current web page associated with Direct Loans.