Forbearance and Deferment
What is forbearance?
Forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. You can receive a forbearance if you’re ineligible for a deferment.
How do I know if I qualify?
Visit the following Web site to find out if you qualify for a forbearance:
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/postponeloanpayment.htm
What is a deferment?
A deferment is a period of time during which no payments are required.
How do I know if I qualify?
Visit the following Web site to find out if you qualify for a deferment:
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/postponeloanpayment.htm
How do I initiate either a forbearance or a deferment?
Contact your lender to initiate either a forbearance or a deferment.
Source: http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/postponeloanpayment.htm