What are my options if I can not afford my monthly payment amount?
If you are interested in lowering your monthly payment amount, you should first review the repayment options that are available on your loans. To view available options, visit your Manage Your Loans account or call Sallie Mae at 1-866-913-6089. • You may be able to lower your monthly payment to as low as an interest-only for specified periods followed by standard payments of principal and interest. • Another option may be to select an extended repayment plan that can lower your monthly payment through a lengthened repayment term of up to 25 years, if eligible. • In addition, if you are unable to make your monthly payment, you may be eligible for either deferment or forbearance, both of which allow the temporary postponement of payments. Please note selecting a repayment plan that offers interest-only payments or a repayment plan that lengthens the repayment term (e.g.
If you are interested in lowering your monthly payment amount, you should first review the repayment options that are available on your loans. To view available options, visit your Manage Your Loans account or call Sallie Mae at 1-866-913-6089. • You may be able to lower your monthly payment to as low as an interest-only for specified periods followed by standard payments of principal and interest. • Another option may be to select an extended repayment plan that can lower your monthly payment through a lengthened repayment term of up to 25 years, if eligible. • In addition, if you are unable to make your monthly payment, you may be eligible for either deferment or forbearance, both of which allow the temporary postponement of payments. Please note: Selecting a repayment plan that offers interest-only payments or a repayment plan that lengthens the repayment term (e.g., extended repayment), or deferment and forbearance that suspends your payments are likely to increase the total cost o
