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What is forbearance?

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What is forbearance?

15 Answers

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A. An authorized period of time during which the loan holder agrees to temporarily postpone or reduce a borrower’s payment if a borrower intends to repay his or her loan but is having temporary financial difficulties. Borrowers are still responsible for the interest during this period.

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A. An authorized period of time during which the loan holder agrees to temporarily postpone or reduce a borrower’s payment if the borrower intends to repay his or her loan but is having temporary financial difficulties. Borrowers are still responsible for the interest during this period.

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Forbearance is an agreement between a lender and borrower to delay foreclosure. This may include repayment of some past due amount, plus any or all fees and penalties. Our attorneys work to negotiate the minimum repayment schedule possible.

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If you are willing but unable to make payments, and do not qualify for a deferment, you may request forbearance. Forbearance allows payments to stop temporarily or decrease in amount for a specific length of time. Your lender may grant forbearance of principal, interest or both. You are always responsible for repayment of accrued interest charges. You can make interest-only payments, or the interest will be capitalized (added on to the principal) at the end of the forbearance period. To apply for a forbearance or deferment, log in to Manage My Account and click on “Repayment Options.

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During forbearance, your payments are generally reduced or postponed. Interest continues to accrue on subsidized and unsubsidized Stafford loans during forbearance.