No matter how well you budget, student loan payments can become a challenge.
If you find yourself in this situation, Sunstate Academy can help. The following information will provide you with tools to successfully manage your student loan debt. The links below will provide debt management and budgeting tools, access to view your student loan account, make payments and download deferment and forbearance forms.
There are many options available if you are unable to make your payment depending on your circumstance.
A forbearance is an arrangement to postpone or reduce your monthly payment amount for a limited and specific period during which you are charged interest. If you indicate a temporary inability, but willingness to pay the loan(s), you may ask for or be offered a forbearance. For all Direct Loans, interest that accrues during a forbearance is the responsibility of the borrower. When you re-enter repayment at the end of the forbearance period, any unpaid interest capitalizes (is added to the principal balance).
A deferment is a period in which repayment of principal and interest is postponed temporarily. During the deferment of a subsidized loan (Direct Subsidized and Direct Subsidized Consolidation Loans), the government pays the interest that accrues. For unsubsidized loans (Direct Unsubsidized, Direct PLUS, Direct Unsubsidized Consolidation, and Direct PLUS Consolidation Loans), you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, any unpaid interest capitalizes (is added to the principal balance) when you enter repayment at the end of the deferment.
Deferment and Forbearance forms can be found by clicking the link below.