Other Options

Loan Forbearance

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.