What is Loan Forbearance and how does it apply to me?
TEAMS/AmeriCorps Fellows who are earning an education award are uniquely eligible for one type of postponement of the repayment of their qualified student loan called forbearance. During this forbearance based on national service, interest continues to accrue. If you successfully complete your term of service and earn an education award, the Trust will pay all or a portion of the interest that has accrued on your qualified student loans during this period. This accrued interest paid by the Trust, like the education award itself, is subject to income taxes. Submit your Forbearance Request for National Service form and any other information required by your loan holder to the National Service Trust, which we will process and return to your loan holder. We can certify your AmeriCorps status, but only the loan holder can determine your eligibility for forbearance. Contact your loan holder if you have not heard from them within four weeks of submitting your information to the Trust.
Related Questions
- I recently sent in a deferment/forbearance request to Edfinancial Services. Will my deferment/forbearance automatically be applied on my loan(s) that was transferred to the Department of Education?
- Who do I contact to get more information regarding Loan Repayment, Deferment or Forbearance?
- Are deferments and forbearance possible with a consolidation loan?
