Sometimes, life’s most difficult situations create burdens you couldn’t have predicted. If you’re experiencing financial hardship due to a qualifying event and need more time to pay, we may be able to support you with a Relief Plan.
What to expect
Reach out to us
If you are experiencing financial hardship as a result of any qualifying event, let us know. We’ll support you with additional time to pay on top of your Possible Loan grace period.
Create a plan
Our Customer Support team is here to work with you on a Relief Plan ⎯ so you can focus on what matters most.
Get back on track
Once you enroll, we’re here to answer questions regarding your Possible account and how to pay off your loan.
Plan details
If you have a Possible Loan, you qualify for payment relief under the Relief Plan if you experience any of the following qualifying events:
- A death in your immediate family
- Serious illness, hospitalization or disability
- A natural disaster in your community as declared by the Federal Emergency Management Agency (“FEMA”) or state government authority, including tornado, earthquake, fire, or flood
- Incurred expenses in connection with critical medical care, including abortion care
- A mass casualty incident in your community
- Incurred expenses as a result of a home emergency— including domestic violence, fire
In any of these cases, our Relief Plan allows you to defer loan payments for 30 days past the standard grace period without a negative impact on your credit history.
Read on for more details about what this means for you.
FAQ
The Relief Plan offers you a 30-day payment deferral period for your Possible Loan on top of the standard 29-day grace period (i.e. up to 59 days). The forbearance applies to all outstanding payments.
If you have a Possible Loan, you qualify for payment relief under the Relief Plan if you experience one of the following qualifying events:
- A death in your immediate family
- Serious illness, hospitalization or disability
- A natural disaster in your community as declared by the Federal Emergency Management Agency (“FEMA”) or state government authority, including tornado, earthquake, fire, or flood
- Incurred expenses in connection with critical medical care, including abortion care
- A mass casualty incident in your community
- Incurred expenses as a result of a home emergency— including domestic violence, fire
If your Possible Loan was charged off, you’re not eligible for enrollment.
Forbearance literally means “holding back”. Here, it’s a way to change or push back a payment schedule between a lender and a borrower. It’s not loan forgiveness—it’s a change to when the loan gets paid back. In this case, forbearance means that we’ll hold off on taking any action like adding late payments to a customers’ credit report if they’re late paying us back due to one of the events above.
Depending on where you are within your loan payment schedule, you may qualify for a hardship extension. Please reach out to us and we’d be happy to discuss this with you.
Once you enroll, you’ll have additional time to pay, so your monthly payments for your Possible Loan won’t be marked as late on your credit report while you’re enrolled in the Plan.
Health care and medical bills can be expensive. The Possible Relief Plan covers events where you’ve incurred expenses in connection with critical medical care, including abortion-related care. Our pandemic-related COVID Relief Plan also covers events where customers have incurred certain expenses related to the coronavirus.
Forbearance under the Relief Plan will be limited to one payment extension per loan. If you’re eligible, you may defer your payments for two additional months if you continue to experience hardship. At the conclusion of each payment deferral period, we’ll email you to determine whether your circumstances require additional deferment.
Yes! You’ll get notified when it’s time to pay. We’ll email you 3 days before your next payment date.
Log in to your Possible app and contact us to enroll, or send us an email. Be sure to include your date of birth and last 4 digits of your SSN when you reach out to us.