Request for Education Loan Repayment Extension

I hope this letter finds you well. I am writing to formally request an extension for the repayment of my education loan, which is currently scheduled to begin on [Original Start Date]. Due to [specific reason such as financial hardship, unforeseen circumstances, or personal challenges], I am facing difficulties in adhering to the original repayment schedule.

Background and Reason for Extension Request

I took out this education loan on [Loan Issuance Date] to pursue [Your Degree or Course] at [Your Institution], and I have always been committed to repaying this loan as agreed. Unfortunately, [explain in detail the circumstances that are affecting your ability to make payments, such as a job loss, health issues, or other financial burdens].

Current Financial Situation

To provide you with a clearer picture of my financial situation, I have enclosed [attach documents like recent pay stubs, bank statements, or a detailed budget] that illustrate my current income and expenses. My current financial status is as follows:

• Monthly Income: [Specify amount]
• Monthly Expenses: [Specify amount]
• Outstanding Debts: [Specify amount]

Despite my best efforts to manage my finances responsibly, the current repayment schedule is proving to be unmanageable under these circumstances. I am actively seeking [new employment, additional sources of income, or other financial solutions], and I am confident that my situation will improve in the near future.

Requested Extension Period

In light of the above, I respectfully request an extension of [specific period, e.g., 6 months, 1 year] on my loan repayment schedule. I believe that this additional time will enable me to stabilize my financial situation and resume payments in a manner that aligns with my capabilities.

Proposed Repayment Plan

Once the extension period is granted, I propose the following revised repayment plan:

• New Start Date for Repayments: [Proposed Start Date]
• Revised Monthly Payment Amount: [Proposed Amount]
• Number of Installments: [Number of Installments]

I am open to discussing this proposed plan further and am willing to provide any additional documentation or information required to facilitate this request.

Commitment to Repayment

Please be assured that I am fully committed to fulfilling my repayment obligations. I value the support that the loan has provided in achieving my educational goals and am eager to resolve this situation in a manner that is fair and manageable for both parties.

I would be grateful if you could consider my request favorably and provide a response at your earliest convenience. I am more than willing to meet with you to discuss this matter in person or over the phone if needed.

Thank you very much for your understanding and consideration.

Sincerely,

[Your Full Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]