Student Loan Forebearance Explained

A student loan forebearance is an option that many borrowers will have under the federal student loan program. Here are the basics of the student loan forebearance and how it works.

Student Loan Forebearance

With the student loan forebearance program, you will be able to postpone your monthly payments to your lender for a specific period of time. Many times, you will be able to do this for as long as one year at a time. You will also be able to access this option multiple times if you continue to have economic troubles. When using this option, you will want to be aware that the interest is still going to accrue on your account. Therefore, if you use this option too many times, it could have a drastic impact on your loan balance.

Qualifications

In order to get a forebearance, you will have to meet certain qualifications. These qualifications are not quite as strict as the qualifications to get a student loan deferment. With a student loan forebearance, you could qualify if you are getting involved with an internship or residency. You will also be able to qualify if you have any type of documented financial hardship.


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