Don’t Wait – Act Now if you are having trouble making payments
If you are having difficulties making your student loan payments there are many options to help you avoid default. Forbearance is a temporary solution that stops or decreases your student loan payments when you are struggling to pay your student loans in certain situations . Only federal student loans qualify for forbearance, not private student loans.
Forbearance means your loan payments will be temporarily reduced or suspended for up to 12 months. When your request for forbearance is approved and granted you will either not have to make loan payments or have lower payments for a short time.
Keep Paying Your Loan Until Approved For Forbearance
Until you are notified that your deferment or forbearance is approved and granted you must continue to make loan payments or else the loan will become delinquent and you may default on your loan.
Remember that once you are approved, Forbearance is granted for no more than 12 months and if must reapply if you still need help.
Learn more about federal loan forbearance
Try to pay your interest while in forbearance
Your loan will continue to accrue interest when in forbearance. We encourage you to try to pay the interest while in forbearance if possible because if you don’t that interest that is accrued will be added to your principal after deferment and that will increase your monthly payments as well as total amount of the loan you must repay.
If you are enrolled in a medical or dental internship/residency or a member of the National Guard on active duty, or are patriating in the Department of Defense Repayment then you can apply for Mandatory Forbearance.
I you have excessive student loan debt burden where your Federal Student loan payments are 20% or more than your monthly gross income.
This is sometimes called discretionary forbearance because the loan lender decides if this is granted or not. General Forbearance can be requested if you are temporarily unable to make your monthly loan payments for financial hardship reasons like medical expenses or changes in employment.
How to Apply
If you are a teacher and meet the qualifications you can enroll in the federal loan forgiveness for teachers program. Learn more about other options for Teachers.
Another type of forbearance is available for AmeriCorps service
Please contact us immediately if you are having trouble making your student loan payment. If you do not qualify for a forbearance, you may be able to change your loan repayment plan. There may be a repayment plan that offers lower payments than you're currently making.
Unfortunately, many companies that offer student loan debt relief are trying to make money off people who need help with their student loans. You should never pay for help with a loan forbearance. The following loan assistance services are free:
Learn more about loan forbearance scams