How to Extend Payments on Student Loans

Two Methods:Federal Student LoansPrivate Student Loans

Extending the payments on your student loans may be an option if you cannot afford your current payments. By extending your student loan payments, you will generally increase the amount of interest you will pay on your loans over time, while making lower payments monthly. Federal student loans are eligible for a variety of different repayment options that extend student loan payments over time. Private student loans, however, generally do not allow you to extend payments, but the conditions may vary depending on your loan terms, lending company and personal situation. Here are a few steps on how to extend payments on student loans.

Method 1
Federal Student Loans

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    Access your lender's website and either log in to your account or search for student loan repayment plan options.
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    Read about the repayment plans available that will extend your student loan payments. Typically, there are 4 options for extending payments: graduated repayment, income-sensitive repayment, extended repayment and loan consolidation. Graduated repayment allows you to make low payments that increase gradually over time. Income-sensitive repayment bases your student loan payments upon your income. Extended repayment allows you to make payments over a longer period of time, which makes each monthly payment lower. Loan consolidation lumps together all of your federal student loans into 1 loan with a manageable interest rate.
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    Download the necessary application forms for the repayment plan upon which you have decided.
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    Fill out all of the relevant information on the forms, read the terms and conditions of the new repayment plan, and sign the documents.
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    Compile any additional documents that you will need to send with your application forms, such as federal income tax forms, pay stubs or any other proof of income.
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    Make copies of all documents and application forms for your own records.
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    Fax or mail all documents to the address provided by your lender.

Method 2
Private Student Loans

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    Read the terms of the Promissory Note for the private student loan for which you want to extend payments. Specifically check the document for mention of an economic hardship condition, which may allow you to extend payments if you cannot afford your current payment.
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    Call your private lender to inquire about extending your payments. Ask if you can make interest-only payments for a period of time, change the terms of your loan or if you qualify for forbearance. Forbearance will usually allow you to delay repayment for up to a 3 year period.


  • If you have a question about repayment plans or their terms and conditions, call your lender. Make sure that you completely understand the terms of the repayment plans before sending your application form.
  • Some private lenders are willing to negotiate on repayment plans, and may even offer you interest-only payments for a period of up to 2 years.
  • If you cannot access application forms for loan repayment on your lender's website, call your lender and speak to them about the procedure to extend your payments.

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Categories: Budgeting and Financial Aid for College