Student Loan Repayment Holiday: Who Qualifies and What You Get
Learn if you can pause your mandatory student loan repayments if you are facing financial hardship or earning below the threshold.
A Student Loan Repayment Holiday allows you to temporarily stop making your required student loan payments.
Who it's for
This is designed for borrowers who are currently earning less than the required repayment threshold or those who are experiencing significant financial hardship.
What you get
You receive a pause on your mandatory student loan repayments, which can help ease your financial pressure during difficult times.
What it costs you
There is no direct fee to apply, but you must use the myIR portal to submit your request. You will need to provide evidence to prove that your income is low or that you are facing hardship.
The catch to know
While your payments are paused, you should be aware that interest may still accrue on your loan balance depending on the specific type of loan you have.
How to apply
- Log in to your myIR account.
- Navigate to the relevant section for your loan.
- Submit an application for a repayment holiday.
- Provide the necessary documentation to prove your financial situation.