All Title IV HEA Federal Student Loans will be reported to the National Student Loan Data System (NSLDS) and will be accessible by guarantee agencies, lenders and schools determined to be authorized users.
To review your financial aid history and to better understand your federal student loan indebtedness, log in to www.nslds.ed.gov You will need your name, date of birth, Social Security number and FAFSA PIN to access your confidential record.
If you have borrowed from one or more of the non-federal private financing programs, more information about those loans can be obtained from your lender or on your credit report at: www.annualcreditreport.com
A deferment is the temporary postponement of payments on your student loan. Your servicer can advise you on your eligibility for deferment.
Primary reasons and time considerations for deferment include:
- Returning to school at least half-time (unlimited periods);
- Unemployment (six-month period with a maximum of six periods);
- Economic hardship (12-month period with a maximum of three periods); or
- Being on active duty (including National Guard duty) during war, national emergency or military operation.
Deferments are not automatic; you must apply for one and receive approval from your lender.
When subsidized loans are deferred, the principal payments are postponed and the interest is billed to the federal government.
When unsubsidized loans are deferred, the principal payments are postponed but you are responsible for paying the accrued interest.
Forbearance is the temporary cessation or reduction of principal payments on your student loan. You are still responsible for all accrued interest during the forbearance period.
If you do not qualify for a deferment but are having a hard time repaying your student loan, you may be eligible for forbearance.
Common reasons for forbearance include:
- Poor health;
- A rigorous residency program; or
- Financial hardship.
Forbearance is allowed at the discretion of the lender and often results in an extended repayment period.