Here’s what to do if Congress doesn’t extend student loan relief:
Deferments and forbearances are programs that allow borrowers to pause payments on their student loans but remain in good standing during times of economic hardship. In general, federal student loans have significantly more generous payment deferral options than private loans; you may have several years of economic hardship deferment or forbearance available over the course of a federal student loan’s repayment term, compared to a year or less for private loans.
Federal student loan borrowers who are currently not in an income-driven plan can apply to switch into one of these plans due to changed circumstances . Income-driven repayment programs may be better solutions in this type of hardship situation than a deferment or forbearance, since the plans are renewable year after year.
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