What to Know About Student Loans
During a forbearance, your loan holder may reduce or suspend your regular loan payments, or extend your repayment period. Forbearance is a temporary postponement or adjustment in repayment granted at your loan holder’s discretion, usually because you have a financial hardship and don’t qualify for a deferment.
- Things to keep in mind
- Generally, request a deferment before a forbearance.
- The federal government will not pay the interest that accrues on subsidized loans during a forbearance period.
- Contact your loan holder as soon as you realize you are experiencing financial trouble. They are there to help you.
- Requesting a forbearance
Contact your loan holder. Remember that a forbearance request must be approved before your payments will be postponed or extended.
For more information about forbearance, visit the U.S. Department of Education’s website.