How to Apply for Student Loan Forbearance

Sometimes it can be difficult to make your student loan payments. If you are searching for a job, or if your job doesn’t pay enough for you to meet your financial obligations, it is possible to apply to your lender for forbearance. This is when you postpone making your regular monthly payment.

Difficulty: Moderate

Instructions

Things You'll Need:

• Proper forms
• Pen
• Documentation of earnings

1. Visit the lender’s Web site. Find out from your lender what forms are needed for forbearance. Many times, you can print these out online and then mail them in.

2. Call the lender. Many times, when you call the lender someone can get you on forbearance more quickly than if you use online access to your account. You will still have to provide documentation, though.

3. Gather documentation of your earnings. Income is the main reason lenders grant student loan forbearance. You will need to prove that you do not earn enough to make payments.

4. Fill out the appropriate forms. Fill out the proper forms and make copies of your documentation.

5. Send the form and documentation. By mail, email or fax, send your application for forbearance, including the required documentation.

Tips & Warnings

• Even if you don’t qualify for complete forbearance, some lenders will grant a partial forbearance, and you can pay less than the full amount each month.
• Plan ahead. You want to contact the lender as soon as possible in order to be on forbearance before your next payment is due.
• Understand that your interest may be capitalized during forbearance, and added to the loan when you start making payments again.
• If you can't begin repayment after the set time given for your forbearance, you will have to reapply.