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A deferment is a period of time
during which your lender temporarily suspends your
regular payments. For borrowers with no
outstanding balance on FFELP loans made before July 1,
1993, the following deferments are entitlements if you
meet the eligibility requirements and your lender/servicer
receives the proper supporting information: at least
half-time enrollment at an eligible school, graduate
fellowship program, rehabilitation program,
unemployment, or economic hardship.
Deferment
Request Forms:
(To view or print the forms listed below,
you must have Adobe Acrobat
Reader.)
A Forbearance is a period of time during which
your lender temporarily reduces or suspends your regular
payments. You may also request a forbearance.
To reduce your payment amount for a short period of
time. Unlike deferments on subsidized Stafford
loans, you are responsible for the interest that accrues
during the forbearance period. You may choose to
pay the interest as it accrues or allow it to
capitalize. Capitalization of interest may result
in a higher monthly payment upon conclusion of the
forbearance. This is because unpaid accrued
interest is applied to the principal balance of the loan
which increases the total debt outstanding. You
need to contact your lender for more information on
applying for a forbearance. |
