Can I defer or postpone my loan payments?

Nelnet Loans offers options for borrowers who may need to defer or postpone their loan payments. Deferment is a temporary suspension of payments, which could occur under specific circumstances such as financial hardship, unemployment, or attending school at least half-time. During a deferment period, interest may or may not accrue depending on the type of loan. There are different types of deferment available, including general deferment and those tied to specific situations like economic hardship or military service. Therefore, it is essential for borrowers to understand the criteria and application process relevant to their specific situation. If a borrower is not eligible for deferment, Nelnet may also provide alternative options such as forbearance. Forbearance allows the borrower to temporarily pause their payments, although interest will generally continue to accrue. To explore options, borrowers should check the Nelnet website for detailed information about eligibility requirements, application procedures, and the potential impact on their loan balances. It is advisable to carefully review these resources to make an informed decision.