What is student loan forbearance?

 

A student loan forbearance lets you postpone or reduce federal student loan repayments for a certain period of time.

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A student loan forbearance, like a deferment, allows you to postpone or reduce your federal student loan payments for a set period of time. However, it is often easier to get a forbearance than a deferment -- for example, you may qualify even if your loan is in default, or if you are experiencing financial hardship that falls short of conditions for deferment. The downside is that forbearance is usually more expensive than deferment. Interest always accrues during a forbearance, causing your loan balance to grow.

For more information, see How Do I Postpone My Student Loan Payments?


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Jurisdictional relevance: US

Legal Consumer - Saint Clairsville, OHLaw. The content of this article pertains to all US states and counties.