How to apply for a forbearance or deferment on your student loans.

Did you know you can postpone payments on your student loans? Almost all loan servicers offer forbearance and deferment options. Whether you are unemployed, working less than 30 hours a weak, or experiencing other financial difficulties there is an option available for you.

Difficulty: Easy

Instructions

1. Contact your servicer their phone number should be listed on your statements. This information is also available from the institution you attended when you borrowed the loans.

2. Ask them about programs offered to postpone payments such as deferments and what the qualification guidelines are. For a forbearance the only qualification is inability to pay for a certain amount of time.

3. Fill out required paperwork from the servicer and return as per their directions.

Tips & Warnings

• In many cases you can go to the servicers website and obtain the forms needed.
• There are charges and costs associated with a forbearance. Please read the terms and conditions thoroughly before you apply.

Resources

• Sallie Mae
• AES
• ACS
• Direct Loans