Forbearance of Stafford and PLUS Loans

Information provided here applies to both Federal Family Education Loan Program (FFELP) and Federal Direct Loans.

If you are having difficulty making your loan payments, you may be eligible for loan forbearance. Forbearance allows you to postpone or reduce loan payments, so contact your loan servicer as soon as you know you can’t make a payment. There are two types of forbearance – general and mandatory.  Refer to the U. S. Department of Education for a complete explanation of available forbearance categories. Your loan servicer will provide a form for your completion and may ask you to provide documentation supporting the reason for your request. Your loan servicer will determine if you’re eligible for forbearance. If you aren’t eligible, or don’t contact your loan servicer on time, you may default.

Keep in mind, forbearance holds you responsible for any accrued interest during your forbearance period. Interest will need to be paid monthly or quarterly, or may be added to your balance (capitalized) at the end of the forbearance period.