You may be able to switch to interest-only repayments for a period. This means you’ll only pay the interest on the amount you owe. Your repayments will be smaller during this period because you won’t repay any of the principal.
What you need to know about this option: It’s important to be aware that switching to interest-only repayments for a time, means your loan amount won’t reduce while you make interest-only repayments. After the interest-only period, you must change your loan back to repayments that reduce the principal, or amount owing on your loan, or repay your loan in full. To keep your loan term the same, your repayments may increase.
You’ll pay more interest as you aren’t reducing what you owe on your loan for a time, costing you more in the long term. That’s why it’s important to carefully consider whether this is the right option for you.