Loan Deferment & Forbearance If you’re having difficulty having to pay your education loan, there could be short-term choices that will help. These choices will help alleviate the worries of month-to-month education loan payments for a period that is certain of. To help you handle your allowance and protect your credit score during times during the difficulty or other circumstances. Don’t wait to check into these choices. The essential important things to do is always to do something now in order to prevent starting education loan default—which can have severe effects on your own credit as well as your income.