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Forbearance
What is a forbearance?
A forbearance is a temporary repayment arrangement made between you and your lender, to delay
regular monthly payments on qualifying loans.
Forbearance Types:
- Mandatory Forbearance
- Debt Exceeds Monthly Income (DEMI) - Based on the amount of income you make and your regular student
loan monthly payment. If your student loan payment is greater than 20% of your gross monthly
income, you qualify.
- Medical/Dental Internship or Residency
- Payments made by the Department of Defense
- Lower Payment
- A reduced monthly payment that may be more comfortable for your current
financial situation.
- No Payment
- Subject to time limits
- No payment is required during this arrangement, however, interest will
continue to accrue.
How can I get a forbearance?
Contact your lender/servicer.
Deferment
What is a deferment?
Under certain conditions or loan dates, you can postpone or defer the payment of your student loan(s), but you
must qualify for and, in most cases, request the deferment.
What deferments are available?
- Full-time or Half-time School
- Unemployment
- Economic Hardship
- Military *
- Temporary/Total Disability *
- Rehabilitation Training
- Teacher Shortage *
- Internship Residency *
- Graduate Fellowship
- Parental Leave *
- Peace Corps *
- Public Health Service *
- Full-time Volunteer Service *
- NAOO Services *
- ACTION Service *
- Working Mother *
* Consolidation loans are not eligible for these deferment types.
How do I qualify for a deferment?
There are certain criteria needed for each deferment. To see which deferments are right for you,
please contact your lender/servicer
and they will let you know the criteria for each deferment.
For additional information, check out these Web sites:
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