Forbearance allows you to temporarily stop making payments on your student loans or reduce the amount you pay. It can be a lifesaver during tough times but isn’t always the best option.
When Should You Use Forbearance?
- You’re experiencing short-term financial hardship.
- You don’t qualify for deferment.
- You need time to get back on your feet, such as after a job loss or medical emergency.
Key Differences from Deferment:
- Interest accrues on all types of loans during forbearance (including subsidized loans).
- Forbearance is usually easier to get but can make your total balance grow faster.
How to Apply:
Contact your loan servicer and explain your situation. They’ll guide you through the application process.
Conclusion:
Forbearance should be your last resort, not your first choice. Always consider income-driven plans or deferment before choosing forbearance.
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