Forbearance

If you are having temporary difficulty making all or part of your monthly student loan payment, you may want to consider forbearance of your payments.

Forbearance is a period of time during which regularly scheduled monthly payments are not required and the borrower is permitted to temporarily postpone making regular monthly payments. Cases in which a forbearance may be granted can include illness, times of financial difficulty and if the borrower does not qualify for a deferment.

Something to consider about forbearance for student loans. . . During forbearance periods, interest will continue to accrue making the total interest cost of the loan higher. Payments will resume and are required as soon as the forbearance period is over.

In order to qualify for forbearance, you will need to apply through your loan servicer. They can explain the options available to you. If you do not know who services your student loans, please call 800.552.3006.