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What Is A Student Loan Forbearance?

April 26, 2017forbearance student loan

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What Is A Student Loan Forbearance?

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A student loan forbearance is something that you can apply for when your regular monthly loan payments are just too much to handle. Forbearance allows you to make lower monthly payments on your student loan without penalty. However, your regular interest charges will continue to be added to your total amount due. It may work out where you are merely paying the interest on your loan each month and nothing else. This isn’t an ideal situation, but it does help you keep your loan open without penalty.