If you haven't found full-time employement, then you may be eligible for a deferment or forbearnce.
A deferment is when the lender/servicer grants a temporary suspension of monthly payments.
Qualifications for Deferment:
- Unemployed or working less than 30 hours a week
- Enrolled in school full-time or half-time
- Temporarily disabled
- Having an economic hardship (a deferment for borrowers who earn less than minimum wage. A borrower may also be eligible if he or she is receiving state of federal aid or is a Peace Corps volunteer)
- In the military or providing a public service
- In a rehabilitation training program
- Pregnant or caring for a newborn
Forbearance is a temporary suspension of monthly payments that is granted under certain circumstances by your lender/servicer. You'll still be responsible for paying the interest that's accrued, so it's always smarter to try and get a deferment first.
Qualifications for Forbearance:
- Qualified under the Student Loan Repayment Program administered by the U.S. Department of Defense
- A mobilized member of the National Guard or Reserves experiencing temporary and unexpected financial hardship
- Currently serves in a National and Community Service position (AmeriCorps)
- Temporary Hardship