When Do Student Loan Payments Resume After a Hardship?

If you’re struggling to make your student loan payments, you might be wondering when they’ll resume after a hardship. Here’s what you need to know.

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Introduction

When you experience a financial hardship, you may be wondering when your student loan payments will resume. Depending on the type of hardship and your loan servicers, you may have a few options available to you.

Here are a few things to keep in mind:

-If you have federal student loans, you may be eligible for a deferment or forbearance which would allow you to temporarily postpone or lower your payments.
-If you have private student loans, your options will vary depending on your lender. Some may offer deferment or forbearance, while others may offer other options such as changing your repayment plan.
-If you’re struggling to make payments, reach out to your loan servicer as soon as possible to discuss your options. The sooner you do, the more options they may be able to offer you.

Keep reading for more information on when student loan payments resume after a hardship.

What is a hardship?

There are many different types of hardships that can qualify you for a deferment or forbearance on your student loans. Some common examples include:

-Unemployment
-Economic hardship
-Medical hardship
-Military service
-Natural disasters

Types of hardship

There are various types of hardship that can result in a forbearance or deferment of your student loan payments. Some common examples include:

-Illness or injury
-Unemployment
-Economic hardship
-Natural disasters

How to apply for a hardship

If you’re struggling to make your student loan payments, you may be able to apply for a hardship deferment or forbearance. These options can help you temporarily stop or reduce your payments.

To apply for a hardship deferment, contact your loan servicer and complete the necessary paperwork. You’ll need to provide documentation of your financial hardship, such as a job loss or medical expenses. If your application is approved, your payments will be deferred for a set period of time.

To apply for a forbearance, contact your loan servicer and complete the necessary paperwork. You’ll need to provide documentation of your financial hardship, such as a job loss or medical expenses. If your application is approved, your payments will be reduced or suspended for a set period of time.

When do payments resume after a hardship?

There is no one-size-fits-all answer to this question, as the timing of when student loan payments resume after a hardship depends on the type of hardship and the terms of your loan. However, in general, most lenders will work with you to temporarily postpone or lower your payments during a period of financial hardship. Once the hardship has ended, you will typically be expected to resume making regular student loan payments.

Conclusion

If you have been approved for a hardship payment plan, you will typically have to make three reduced payments before your regular payments resume. Your regular payments will be based on your updated income and family size information. If you’re struggling to make your student loan payments, there are several options available that can help.