Also, I need to find out about student loan deferment and forbearance, can I temporarily suspend my payments?
Yes, you can temporarily suspend your payments if you are eligible for a deferment or forbearance.
Alright, this is all very new to me. So what effect does this all have on my interest?
Because interest accrues on your principal balance, capitalization will cause more interest to accrue over time than if you had paid the interest. It will also increase your monthly payment under most repayment plans.