Steven Sirot of College Benefits Research Group (CBRG) in Roseland, said you can ask your loan service provider for the specifics on alternative payment plans, as well as deferment, forbearance, and forgiveness options. “Deferment allows you to delay payment for a period of time, but is only offered under very specific circumstances and interest will accrue during this period,” Sirot said. “If you don’t qualify for deferment, you can look to forbearance options, where you may be able to stop making payments or reduce your monthly payments for up to twelve months.” READ MORE.