What is a Forbearance?
A forbearance is an option granted by your lender to temporarily stop or reduce your monthly payments.
How does a forbearance work?
- A reduced payment option will require you to make a lower monthly payment.
- A no payment option will stop your required monthly payments. No payment forbearance limits may apply.
- Interest accrues daily and you will receive a billing quarterly. You have the option to pay this interest.
- Any outstanding unpaid interest will be capitalized at the end of the forbearance period which may cause an increased monthly payment.
How do I qualify?
You may qualify for forbearance if:
- You are located in a designated disaster area.
- You are in a graduate fellowship program.
- You are in an internship residency program.
- You have a temporary financial setback or hardship.
- You participate in a national service program.
- Your debt exceeds 20% of your gross monthly income.
- You have poor health or other personal problems affecting your ability to repay loans.
How do I apply?
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Download a Forbearance Form.
If you experience problems downloading the forbearance form, please call 800-472-2166 ext. 5660 or contact us using our Contact Us form. Your request should include your student loan account number and mailing address.
