Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Repaying Student Loans and other Student Loan topics.
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.|