Student Loan Forbearance

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forbearance

What is forbearance?

If you can’t make your scheduled loan payments, but don’t qualify for a deferment, your loan servicer may be able to grant you a forbearance. With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).

 

Mandatory

For mandatory forbearances, if you meet the eligibility criteria for the forbearance, your lender is required to grant.

  • You are serving in a medical or dental internship or residency program, and you meet specific requirements.
  • The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
  • You are serving in a national service position for which you received a national service award.
  • You are performing teaching service that would qualify for teacher loan forgiveness.
  • You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.
  • You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.

 

Discretionary

For discretionary forbearances, your lender decides whether to grant or not. You can request a discretionary forbearance for the following reasons:

  • Financial hardship
  • Illness

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