Something else I want to ask about my loan payments, could I suspend my monthly payments because I am out of work as a result of COVID-19?
To provide relief to students during this time federal student loan borrowers are automatically being placed in an administrative forbearance which allows you to temporarily stop making your monthly loan payments. This suspension of payments will be from March 13, 2020 through September 30, 2020.
Is it possible that I could lower my payments on an income-driven repayment plan?
Yes this is possible and it might be better to consider a income-driven repayment plan than deferring payments altogether. Income-driven plans base your monthly student loan payments on your income and family size.