If you are having temporary problems repaying your federal student loans and are not eligible for a deferment, contact your loan servicer to see if you are eligible for forbearance. Forbearance is another method of temporarily postponing or reducing loan payments. You are never changed a fee for applying for forbearance on your federal student loans.
You may be granted forbearance if you meet one of the following requirements:
- You are unable to make your scheduled loan payments for reasons including, but not limited to, financial hardship and illness.
- you are serving in a medical or dental internship or residency program and you meet specific requirements
- the total amount you owe each month for all of the Title IV student loans you received is 20% or more of your total monthly gross income (for a maximum of three years)
- you are serving in an approved AmeriCorps position.
- You are performing a teaching service that would qualify for loan forgiveness under the requirements of the Teacher Loan Forgiveness Program
- you qualify for partial repayment of your loans under the Student Loan Repayment Program, as administered by the Department of Defense
- you are called to active duty in the U.S. armed forces.
Note: Interest will continue to be charged during forbearance on all types of loans. If you do not pay this interest, it will be capitalized at the end of the forbearance.