Backdating economic hardship deferrment

Graduate School Federal Loan Consolidation Graduate School Private Loan Consolidation News and Resources Forms Articles Private Tuition Loan Government Relations Financial Aid Professionals Directory of Schools Calculators About Us Contact Us FAQ Site Map What is a forbearance? What types of forbearance and deferment options are available?

backdating economic hardship deferrment-62

A student loan deferment is a period of time during which payments are postponed. There are different types of deferment for which borrowers can apply, such as in-school deferments or unemployment deferments.

Of course, each forbearance and deferment option has requirements a borrower must meet in order to qualify.

And keep in mind that these are federal forbearance and deferment options. It is best to contact your lender to see what they can offer you.

For federal student loans, you have 36 months worth of deferment request, in 6- or 12-month increments. Your lender will contact you in writing informing you of the decision.

There is no limit on the number of forbearances you can request. It is important to continue to make payments until your deferment or forbearance is granted.

Submitting a request does not place you in deferment or forbearance status.Only a written letter from your lender is sufficient notice that your loans have been put into deferment or forbearance.Also, be sure to clarify with your lender which loans you would like to be put into deferment or forbearance or if you'd like to postpone payments on all your loans.If you have multiple lenders, then you must make a request to each lender. For subsidized federal loans, the government will pay any interest that accrues during the deferment or forbearance period.For unsubsidized loans, interest will accrue during the deferment period.You have the option to pay the interest while in deferment or forbearance or you can elect to have the interest added to the principal.

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