In some cases, borrowers find themselves in dire straights where they are unable to make the payments on their student loans. If a student loan deferment is not an option based on their circumstances, then the lender may be willing to provide a student loan forbearance to reduce or put off the monthly payments for a limited period of time. To consider a loan forbearance, your lender will request documentation that proves you are unable to make your required payments. If a forbearance is granted, your interest will continue to accrue. Depending on your circumstances, the payments will be postponed for up to 12 months. This will be reviewed each year for a maximum of 3 years.
|Jennifer Mathes, Ph.D.|