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Find FEDERAL STUDENT AID RELIEF FOR STUDENT LOAN BORROWERS during COVID-19, in addition to links to government websites for help.
VSAC loan borrowers: If you’re facing financial hardship because of COVID-19, please call us at 800-642-3177 so we can explore options with you.
If you’re having trouble paying your student loan, there may be temporary options that can help. These options can help relieve the stress of monthly student loan payments for a certain period of time. So you can manage your budget and protect your credit rating during times of hardship or other situations.
Don’t wait to look into these options. The most important thing to do is to take action now to avoid going into student loan default—which can have serious consequences on your credit and your income.
In certain situations, the U.S. Department of Education will allow you to defer (or postpone) your federal education loan payments for a period of time. This means you do not have to make payments during that time.
There are several situations that may make you eligible for a loan deferment. To apply for a deferment on a VSAC loan, download the application that matches your situation and follow the application instructions:
Typically, interest won’t accrue (build up) on your subsidized loans during a deferment. Interest will always accrue on your unsubsidized loans during a deferment. For more information about deferments, visit the U.S. Department of Education’s Federal Student Aid website. For more information about federal student loan benefits for members of the U.S. Armed Forces, download this guide from the Department of Education (PDF).
If you do not qualify for a deferment, but cannot make your monthly loan payments, you may be able to get a forbearance from your lender.
There are 2 types of forbearance:
To learn more about forbearances—including the situations that qualify for a mandatory forbearance— visit the U.S. Department of Education’s Federal Student Aid website.
Unfortunately, there are companies that prey on people who need help with their student loans—and try to make money off of them. You should never pay for help with lowering or deferring your student loan payments. The federal government or your private lender will help you for free.