Deferment/Forebearance

Everyone experiences financial difficulty at one time or another. Fortunately, you can usually postpone loan payments under certain circumstances using a deferment or forbearance.
A deferment or forbearance may be the right choice to keep your loan from entering default.

 

Deferment

Forbearance

What Is It

Deferment is a period of time during which your lender temporarily suspends your regular payments.

Forbearance is a period of time during which your lender temporarily reduces or suspends your regular payments.

Reasons to Apply

  • Enrollment in school
  • Economic hardship
  • Unemployment
  • Military service
  • Temporary financial hardship
  • Natural disaster
  • Internship or residency
  • National service

Loan programs come with limited amounts of deferment and forbearance time, so use these opportunities wisely.
For more information on postponing payments, click here.