Hardship programs are lender policies that can provide some relief for people who are experiencing financial difficulty. The details of these programs vary by lender and loan type, but they typically involve an agreement between you and the lender.

What is the hardship program about?

Lender hardship programs are for consumers who are faced with a difficult life event and can no longer make regular payments on their accounts. When you are placed in a hardship program, you agree to make regular payments, and the lender may reduce the interest rate or delay payments.

What qualifies as a financial hardship?

WHAT IS FINANCIAL HARDSHIP? Financial hardship is difficulty in paying the repayments on your loans and debts when they are due. ... You could afford the loan when it was obtained but a change of circumstances has occurred after getting the loan; or. You could not afford to repay the loan when it was originally obtained.