Content Overview
- Summary
- Deferral Of The Amount Due Under Your Student Loan
- Forbearance Of The Amount Due Under Your Student Loan
- You May Be Able To Reduce Your Monthly Student Loan Payments
- Explore Canceling Your Student Loan
- Bankruptcy And Your Student Loan
- For More Information About What Can Be Done With Your Student Loan
How To Delay Payments On Student Loans
Forbearance Of The Amount Due Under Your Student Loan
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If you don't qualify for a deferral or cancellation, you may qualify for a forbearance. This is a period of time during which you won't have to make any payments.
You may qualify for a forbearance if you:
- Teach or provide services to needy people.
- Perform community service.
- Work in the health care professions or law enforcement.
It's basically up to a lender to grant a forbearance.
Explain your financial and medical situation. Before the forbearance is approved, you may be sent some forms to complete requesting information on your income and expenses. If there is no inclusion for health condition, include it in your cover letter.
Note that during a forbearance, interest will still accumulate -- increasing your account balance.
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