Forbearance

Description

Forbearance

Forbearance is a temporary postponement or reduction of your student loan payments for a period of time.  You can ask for forbearance if you are experiencing financial difficulty.

• Federal student loans: Your federal student loan servicer can grant forbearance for up to 12 months at a time. You have to apply to your loan servicer for forbearance. You must continue to make payments until you receive confirmation that your servicer has accepted your forbearance request.
• Private student loans: Private student loan forbearance varies. It is more limited than the federal student loan forbearance. Some servicers charge borrowers a flat fee to place loans into forbearance for a period of three months. Contact your private student loan servicer as early as possible if you want to explore this option.