Forbearance and Deferments
Page 1 of 1
Forbearance and Deferments
by Admin Tue Mar 22, 2016 10:24 am
Deferment and Forbearance
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.
You’ll need to work with your loan servicer to apply for deferment or forbearance; and be sure to keep making payments on your loan until the deferment or forbearance is in place.
What is deferment?
A deferment is a period during which repayment of the principal and interest of your loan is temporarily delayed.
What happens to my loan during deferment?
During a deferment, you do not need to make payments. What’s more, depending on the type of loan you have, the federal government may pay the interest on your loan during a period of deferment.
The government may pay the interest on your
Federal Perkins Loan,
Direct Subsidized Loan, and/or
Subsidized Federal Stafford Loan.
The government does not pay the interest on your unsubsidized loans (or on any PLUS loans). You are responsible for paying the interest that accrues (accumulates) during the deferment period, but your payment is not due during the deferment period. If you don’t pay the interest on your loan during deferment, it may be capitalized (added to your principal balance), and the amount you pay in the future will be higher.
Am I eligible for a loan deferment?
Take a look at the chart on the Student Aid website.
How do I request a deferment?
Most deferments are not automatic, and you will likely need to submit a request to your loan servicer, the organization that handles your loan account. If you are enrolled in school at least half-time and you would like to request an in-school deferment, you’ll need to contact your school’s financial aid office as well as your loan servicer.
Your deferment request should be submitted to the organization to which you make your loan payments.
Direct Loans and FFEL Program loans: contact your loan servicer
Perkins Loans: contact the school you were attending when you received the loan
What is forbearance?
If you can't make your scheduled loan payments, but don't qualify for a deferment, your loan servicer may be able to grant you a forbearance. With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).
There are two types of forbearances:
Discretionary
Mandatory
Discretionary Forbearance
For discretionary forbearances, your lender decides whether to grant forbearance or not.
You can request a discretionary forbearance for the following reasons:
Financial hardship
Illness
Mandatory Forbearance
For mandatory forbearances, if you meet the eligibility criteria for the forbearance, your lender is required to grant the forbearance.
You can request a mandatory forbearance for the following reasons:
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 the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
You are serving in a national service position for which you received a national service award.
You are performing teaching service that would qualify for teacher loan forgiveness.
You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.
You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.
How do I request a forbearance?
Receiving loan forbearance is not automatic. You must apply by making a request to your loan servicer. In some cases, you must provide documentation to support your request.
What happens to the interest on my loan during forbearance?
Interest will continue to be charged on all loan types, including subsidized loans.
You can pay the interest during forbearance or allow the interest to accrue (accumulate). If you don’t pay the interest on your loan during forbearance, it may be capitalized (added to your principal balance), and the amount you pay in the future will be higher.
You MUST continue making payments on your student loan until you have been notified that your request for deferment or forbearance has been granted. If you stop paying and your deferment or forbearance is not approved, you will become delinquent and you may default on your loan.
Do I have options besides deferment or forbearance?
Always contact your loan servicer immediately if you are having trouble making your student loan payment. If you don’t qualify for deferment or forbearance, you may be able to change your repayment plan. There may be a repayment plan that offers lower payments than you’re currently making.
https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.
You’ll need to work with your loan servicer to apply for deferment or forbearance; and be sure to keep making payments on your loan until the deferment or forbearance is in place.
What is deferment?
A deferment is a period during which repayment of the principal and interest of your loan is temporarily delayed.
What happens to my loan during deferment?
During a deferment, you do not need to make payments. What’s more, depending on the type of loan you have, the federal government may pay the interest on your loan during a period of deferment.
The government may pay the interest on your
Federal Perkins Loan,
Direct Subsidized Loan, and/or
Subsidized Federal Stafford Loan.
The government does not pay the interest on your unsubsidized loans (or on any PLUS loans). You are responsible for paying the interest that accrues (accumulates) during the deferment period, but your payment is not due during the deferment period. If you don’t pay the interest on your loan during deferment, it may be capitalized (added to your principal balance), and the amount you pay in the future will be higher.
Am I eligible for a loan deferment?
Take a look at the chart on the Student Aid website.
How do I request a deferment?
Most deferments are not automatic, and you will likely need to submit a request to your loan servicer, the organization that handles your loan account. If you are enrolled in school at least half-time and you would like to request an in-school deferment, you’ll need to contact your school’s financial aid office as well as your loan servicer.
Your deferment request should be submitted to the organization to which you make your loan payments.
Direct Loans and FFEL Program loans: contact your loan servicer
Perkins Loans: contact the school you were attending when you received the loan
What is forbearance?
If you can't make your scheduled loan payments, but don't qualify for a deferment, your loan servicer may be able to grant you a forbearance. With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).
There are two types of forbearances:
Discretionary
Mandatory
Discretionary Forbearance
For discretionary forbearances, your lender decides whether to grant forbearance or not.
You can request a discretionary forbearance for the following reasons:
Financial hardship
Illness
Mandatory Forbearance
For mandatory forbearances, if you meet the eligibility criteria for the forbearance, your lender is required to grant the forbearance.
You can request a mandatory forbearance for the following reasons:
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 the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
You are serving in a national service position for which you received a national service award.
You are performing teaching service that would qualify for teacher loan forgiveness.
You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.
You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.
How do I request a forbearance?
Receiving loan forbearance is not automatic. You must apply by making a request to your loan servicer. In some cases, you must provide documentation to support your request.
What happens to the interest on my loan during forbearance?
Interest will continue to be charged on all loan types, including subsidized loans.
You can pay the interest during forbearance or allow the interest to accrue (accumulate). If you don’t pay the interest on your loan during forbearance, it may be capitalized (added to your principal balance), and the amount you pay in the future will be higher.
You MUST continue making payments on your student loan until you have been notified that your request for deferment or forbearance has been granted. If you stop paying and your deferment or forbearance is not approved, you will become delinquent and you may default on your loan.
Do I have options besides deferment or forbearance?
Always contact your loan servicer immediately if you are having trouble making your student loan payment. If you don’t qualify for deferment or forbearance, you may be able to change your repayment plan. There may be a repayment plan that offers lower payments than you’re currently making.
https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance
Admin- Admin
- Posts : 10
Join date : 2016-01-28 -
Available Deferments
by Admin Tue Mar 22, 2016 10:36 am
Available Deferments
The federal government has allowed for these deferment options. Read on to see if these situations apply to you. Remember—just because you are eligible for a deferment does not mean you are required to request it; if you feel you can make payments on your loan, you are encouraged to do so.
Armed Forces Deferment
If you serve on active military duty in the Armed Forces or National Guard, you may be eligible for this deferment or other student loan benefits for members of the military.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983. Consolidation loans do not qualify for this deferment. You must be serving on active duty in the U.S. Armed Forces during a war, military operation, or national emergency. You may also qualify if you are serving in a reserve component of the Armed Forces or the National Guard in a full-time capacity for a period of at least one year or due to a national mobilization. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Public Health Services and National Oceanic and Atmospheric Administration (NOAA) deferment time used.
________________________________________
Domestic Volunteer Deferment
If you are a full-time, paid volunteer for an ACTION (Domestic Volunteer Service Act of 1973, VISTA, or AmeriCorps) program for more than a year, you may defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time, paid volunteer in an ACTION program and serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Economic Hardship Deferment
If you receive public assistance, serve in the Peace Corps, or make less than the minimum wage or poverty guideline, you may defer payments.
To qualify for this deferment, your first loan must have been disbursed on or after July 1, 1993, and you must meet one of the following requirements:
• You are receiving payments or benefits under a federal or state public assistance program
• You are serving in the Peace Corps
• You are working full-time but earning a monthly income that is less than the minimum wage rate or 150% of the poverty guideline for your family size, whichever is greater.
If you have a combination of FFELP, Direct, and Perkins loans and you have been granted an economic hardship deferment on one of your federal loans but not on the others, you may receive an economic hardship deferment on your other federal loans by providing the loan holder with documentation of the economic deferment previously granted. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Full-Time Teacher in a Teacher Shortage Area Deferment
You may defer payments if you teach in a designated teacher shortage area.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be teaching full-time in a designated teacher shortage area, determined by the Chief School Administrator or the Chief State School Officer. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Graduate Fellowship Deferment
If you're accepted into a graduate fellowship program, you may defer payments.
If you've received your undergraduate degree and are engaged in full-time study in a graduate fellowship program, you may qualify for this deferment. There is no cumulative maximum time limit for this deferment.
________________________________________
Internship/Residency Deferment
While working an internship or residency program, you may apply for deferment for up to two years.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be accepted into either an internship/residency program that leads to a degree or certificate from an institution of higher education, hospital, or health care facility that offers post-graduate training or an internship/residency program that is required before you can begin professional practice or service. The cumulative maximum time limit for this deferment is 24 months.
________________________________________
Military Deferment
If you are serving on active military duty during a war or other military operation, or during a national emergency, you may apply for deferment.
This deferment is available for borrowers serving in the military on active duty or in the National Guard on qualifying duty during a war or other military operation, or during a national emergency. The service period must begin on or after October 1, 2007, or include that date. There is no cumulative maximum time limit for this deferment.
________________________________________
National Oceanic and Atmospheric Administration (NOAA) Deferment
If you are on NOAA active duty, you may defer payments.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be on active duty in the NOAA. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Public Health Services and Armed Forces deferment time used.
________________________________________
Parental Leave Deferment
You may defer payments while pregnant or caring for a newborn or newly adopted child, if you were in school within the past six months and are no longer enrolled or working full-time.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be pregnant or caring for a newborn or newly adopted child. Also, you must have been enrolled in school at least half-time within the preceding six months and not currently attending school or working full-time. In the case of caring for a newborn or newly adopted child, the mother or father may qualify for the deferment. The maximum time period for each occurrence is six months.
________________________________________
Peace Corps Volunteer Deferment
If you volunteer full-time in the Peace Corps for at least a year, you may defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time volunteer in the Peace Corps and serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months. Note: If you are in the Peace Corps and your first loan was disbursed on or after July 1, 1993, you may be eligible for an Economic Hardship Deferment (see above for details).
________________________________________
Post-Active Duty Student Deferment
You may apply for deferment if you are called to active military duty while enrolled in school.
This deferment is available to borrowers who are members of the Armed Forces Reserve or National Guard (including retired members) and are called to active duty while still enrolled in school, or within six months after ceasing to be enrolled, on at least a half-time basis. The service period must begin on or after October 1, 2007, or include that date. The maximum time period for each occurrence is 13 months.
________________________________________
Post-Enrollment Deferment
If your parents took out a loan to help you pay for school, or you took out a GradPLUS loan for graduate studies, payments may be deferred until six months after you graduate or leave school.
For a parent borrower or a graduate or professional student who obtained a PLUS loan on or after July 1, 2008, the PLUS loan may be deferred for a six-month period following the date the student ceases to be enrolled on at least a half-time basis.
________________________________________
Public Health Services Deferment
If you serve full-time as an officer in the Commissioned Corps of the Public Health Service, you may be able to defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be serving full-time as an officer in the Commissioned Corps of the Public Health Service. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Armed Forces and NOAA deferment time used.
________________________________________
Rehabilitation Training Deferment
You may defer payments if admitted to a rehabilitation training program.
You may qualify for this deferment if you are receiving full-time training from a program that is licensed or approved by the Department of Veterans Affairs for providing rehabilitation training to disabled individuals or by a state agency responsible for vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment programs. For a parent borrower who has an outstanding loan disbursed on or after July 1, 1987, but prior to July 1, 1993, or who had a loan disbursed before July 1, 1993 outstanding when he or she obtained a loan after July 1, 1993, the PLUS loan may be deferred if the student is engaged in the rehabilitation training program. There is no cumulative maximum time limit for this deferment.
________________________________________
School Deferment
If you go back to school, you can apply for deferment.
To qualify for this deferment, you must be enrolled at least half-time at an eligible school. For a parent borrower who has an outstanding loan disbursed on or after July 1, 1987, but prior to July 1, 1993, who had a loan disbursed before July 1, 1993, outstanding when he or she obtained a loan after July 1, 1993, or who obtained a PLUS loan on or after July 1, 2008, the PLUS loan may be deferred if the student is enrolled at least half time at an eligible school. There is no cumulative maximum time limit for this deferment.
________________________________________
Tax-Exempt Volunteer Deferment
If you volunteer for a tax-exempt organization and make no more than minimum wage, you may qualify for this deferment.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time, paid volunteer in a tax-exempt organization that provides services to low-income individuals and their communities, and you must be earning no more than minimum wage. You must be serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Temporary Total Disability Deferment
You may defer payments if you are disabled or care for someone who is.
This deferment is available to borrowers whose first loan was disbursed prior to July 1, 1993. You must be temporarily totally disabled, which means you are unable to work and earn money or attend school for a period of at least 60 days because of an injury or illness. You are also eligible for this deferment if you are unable to work because of continuously caring over a period of at least 90 days for a dependent or spouse who is temporarily totally disabled due to an injury or illness. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Unemployment Deferment
If you can't find employment, you may defer payments for up to three years.
Unemployment qualifies you for deferment if you are actively seeking but unable to find full-time employment in the United States. Full-time employment is defined as at least 30 hours of work per week in a position that is expected to last at least three months. The cumulative maximum time limit for this deferment is 36 months for borrowers who obtained their first loan on or after July 1, 1993, or 24 months for all others.
________________________________________
Working Mother Deferment
If you have young children, return to the workforce after leaving school, and make no more than $1 per hour over minimum wage, you may defer payments.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be a mother of a preschool-age child, entering or re-entering the workforce, employed full-time, and earning a wage that is no more than $1 per hour over the minimum wage rate. The cumulative maximum time limit for this deferment is 12 months.
https://www.nelnet.com/postpone-your-payments/
________________________________________
The federal government has allowed for these deferment options. Read on to see if these situations apply to you. Remember—just because you are eligible for a deferment does not mean you are required to request it; if you feel you can make payments on your loan, you are encouraged to do so.
Armed Forces Deferment
If you serve on active military duty in the Armed Forces or National Guard, you may be eligible for this deferment or other student loan benefits for members of the military.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983. Consolidation loans do not qualify for this deferment. You must be serving on active duty in the U.S. Armed Forces during a war, military operation, or national emergency. You may also qualify if you are serving in a reserve component of the Armed Forces or the National Guard in a full-time capacity for a period of at least one year or due to a national mobilization. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Public Health Services and National Oceanic and Atmospheric Administration (NOAA) deferment time used.
________________________________________
Domestic Volunteer Deferment
If you are a full-time, paid volunteer for an ACTION (Domestic Volunteer Service Act of 1973, VISTA, or AmeriCorps) program for more than a year, you may defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time, paid volunteer in an ACTION program and serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Economic Hardship Deferment
If you receive public assistance, serve in the Peace Corps, or make less than the minimum wage or poverty guideline, you may defer payments.
To qualify for this deferment, your first loan must have been disbursed on or after July 1, 1993, and you must meet one of the following requirements:
• You are receiving payments or benefits under a federal or state public assistance program
• You are serving in the Peace Corps
• You are working full-time but earning a monthly income that is less than the minimum wage rate or 150% of the poverty guideline for your family size, whichever is greater.
If you have a combination of FFELP, Direct, and Perkins loans and you have been granted an economic hardship deferment on one of your federal loans but not on the others, you may receive an economic hardship deferment on your other federal loans by providing the loan holder with documentation of the economic deferment previously granted. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Full-Time Teacher in a Teacher Shortage Area Deferment
You may defer payments if you teach in a designated teacher shortage area.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be teaching full-time in a designated teacher shortage area, determined by the Chief School Administrator or the Chief State School Officer. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Graduate Fellowship Deferment
If you're accepted into a graduate fellowship program, you may defer payments.
If you've received your undergraduate degree and are engaged in full-time study in a graduate fellowship program, you may qualify for this deferment. There is no cumulative maximum time limit for this deferment.
________________________________________
Internship/Residency Deferment
While working an internship or residency program, you may apply for deferment for up to two years.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be accepted into either an internship/residency program that leads to a degree or certificate from an institution of higher education, hospital, or health care facility that offers post-graduate training or an internship/residency program that is required before you can begin professional practice or service. The cumulative maximum time limit for this deferment is 24 months.
________________________________________
Military Deferment
If you are serving on active military duty during a war or other military operation, or during a national emergency, you may apply for deferment.
This deferment is available for borrowers serving in the military on active duty or in the National Guard on qualifying duty during a war or other military operation, or during a national emergency. The service period must begin on or after October 1, 2007, or include that date. There is no cumulative maximum time limit for this deferment.
________________________________________
National Oceanic and Atmospheric Administration (NOAA) Deferment
If you are on NOAA active duty, you may defer payments.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be on active duty in the NOAA. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Public Health Services and Armed Forces deferment time used.
________________________________________
Parental Leave Deferment
You may defer payments while pregnant or caring for a newborn or newly adopted child, if you were in school within the past six months and are no longer enrolled or working full-time.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be pregnant or caring for a newborn or newly adopted child. Also, you must have been enrolled in school at least half-time within the preceding six months and not currently attending school or working full-time. In the case of caring for a newborn or newly adopted child, the mother or father may qualify for the deferment. The maximum time period for each occurrence is six months.
________________________________________
Peace Corps Volunteer Deferment
If you volunteer full-time in the Peace Corps for at least a year, you may defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time volunteer in the Peace Corps and serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months. Note: If you are in the Peace Corps and your first loan was disbursed on or after July 1, 1993, you may be eligible for an Economic Hardship Deferment (see above for details).
________________________________________
Post-Active Duty Student Deferment
You may apply for deferment if you are called to active military duty while enrolled in school.
This deferment is available to borrowers who are members of the Armed Forces Reserve or National Guard (including retired members) and are called to active duty while still enrolled in school, or within six months after ceasing to be enrolled, on at least a half-time basis. The service period must begin on or after October 1, 2007, or include that date. The maximum time period for each occurrence is 13 months.
________________________________________
Post-Enrollment Deferment
If your parents took out a loan to help you pay for school, or you took out a GradPLUS loan for graduate studies, payments may be deferred until six months after you graduate or leave school.
For a parent borrower or a graduate or professional student who obtained a PLUS loan on or after July 1, 2008, the PLUS loan may be deferred for a six-month period following the date the student ceases to be enrolled on at least a half-time basis.
________________________________________
Public Health Services Deferment
If you serve full-time as an officer in the Commissioned Corps of the Public Health Service, you may be able to defer payments.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be serving full-time as an officer in the Commissioned Corps of the Public Health Service. The cumulative maximum time limit for this deferment is 36 months, inclusive of any Armed Forces and NOAA deferment time used.
________________________________________
Rehabilitation Training Deferment
You may defer payments if admitted to a rehabilitation training program.
You may qualify for this deferment if you are receiving full-time training from a program that is licensed or approved by the Department of Veterans Affairs for providing rehabilitation training to disabled individuals or by a state agency responsible for vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment programs. For a parent borrower who has an outstanding loan disbursed on or after July 1, 1987, but prior to July 1, 1993, or who had a loan disbursed before July 1, 1993 outstanding when he or she obtained a loan after July 1, 1993, the PLUS loan may be deferred if the student is engaged in the rehabilitation training program. There is no cumulative maximum time limit for this deferment.
________________________________________
School Deferment
If you go back to school, you can apply for deferment.
To qualify for this deferment, you must be enrolled at least half-time at an eligible school. For a parent borrower who has an outstanding loan disbursed on or after July 1, 1987, but prior to July 1, 1993, who had a loan disbursed before July 1, 1993, outstanding when he or she obtained a loan after July 1, 1993, or who obtained a PLUS loan on or after July 1, 2008, the PLUS loan may be deferred if the student is enrolled at least half time at an eligible school. There is no cumulative maximum time limit for this deferment.
________________________________________
Tax-Exempt Volunteer Deferment
If you volunteer for a tax-exempt organization and make no more than minimum wage, you may qualify for this deferment.
To qualify for this deferment, your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers, your PLUS loan must have been disbursed before August 15, 1983.
Consolidation loans do not qualify for this deferment. You must be a full-time, paid volunteer in a tax-exempt organization that provides services to low-income individuals and their communities, and you must be earning no more than minimum wage. You must be serving for a period of at least one year. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Temporary Total Disability Deferment
You may defer payments if you are disabled or care for someone who is.
This deferment is available to borrowers whose first loan was disbursed prior to July 1, 1993. You must be temporarily totally disabled, which means you are unable to work and earn money or attend school for a period of at least 60 days because of an injury or illness. You are also eligible for this deferment if you are unable to work because of continuously caring over a period of at least 90 days for a dependent or spouse who is temporarily totally disabled due to an injury or illness. The cumulative maximum time limit for this deferment is 36 months.
________________________________________
Unemployment Deferment
If you can't find employment, you may defer payments for up to three years.
Unemployment qualifies you for deferment if you are actively seeking but unable to find full-time employment in the United States. Full-time employment is defined as at least 30 hours of work per week in a position that is expected to last at least three months. The cumulative maximum time limit for this deferment is 36 months for borrowers who obtained their first loan on or after July 1, 1993, or 24 months for all others.
________________________________________
Working Mother Deferment
If you have young children, return to the workforce after leaving school, and make no more than $1 per hour over minimum wage, you may defer payments.
This deferment is available to borrowers whose first Stafford or SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993. PLUS and consolidation loans do not qualify for this deferment. You must be a mother of a preschool-age child, entering or re-entering the workforce, employed full-time, and earning a wage that is no more than $1 per hour over the minimum wage rate. The cumulative maximum time limit for this deferment is 12 months.
https://www.nelnet.com/postpone-your-payments/
________________________________________
Last edited by Admin on Tue Mar 22, 2016 10:39 am; edited 1 time in total
Admin- Admin
- Posts : 10
Join date : 2016-01-28 -
Available Forbearances
by Admin Tue Mar 22, 2016 10:39 am
Available Forbearances
If you are not able to make payments and your situation does not qualify you for a deferment, you may request forbearance. There are several types of forbearance available.
Active Military Duty
Borrowers serving in the National Guard not covered by the military deferment may request this forbearance.
This forbearance is for borrowers who are not eligible for the military deferment. To qualify for this forbearance, you must be a member of the National Guard (including a retired member); called to active duty while still enrolled in school, or within six months after ceasing to be enrolled, on at least a half-time basis; and performing active military state duty during a period when the governor activates National Guard personnel. The service period must begin on or after October 1, 2007, or include that date. Forbearance is granted in periods up to 12 months at a time.
Corporation for National and Community Service (CNCS) Loan Repayment Program
If you perform community service, you may be able to postpone payments.
To qualify for this forbearance, you must be performing national service that qualifies for partial repayment of your loan under the National and Community Service Trust Act of 1993. You must provide a statement from an authorized CNCS official certifying eligibility and the begin and end dates of the service period. Forbearance is granted in periods up to 12 months at a time.
Department of Defense (DoD) Loan Repayment Program
If you serve in the DoD and participate in its student loan repayment program, you may qualify for forbearance.
To qualify for this forbearance, you must be participating in the DoD's loan repayment program and provide a statement from an authorized DoD official certifying eligibility and the beginning and end dates you are expected to perform service that qualifies you for partial repayment of your loan. Forbearance is granted in periods of up to 12 months at a time.
Hardship
If you cannot make your regular payments and do not qualify for other relief options, the hardship forbearance may be for you.
You may qualify for this forbearance if you are willing but temporarily unable to make scheduled payments and do not qualify for a deferment or other type of forbearance. Forbearance is granted in periods of up to 12 months at a time.
Internship/Residency
Working in a medical or dental internship or residency may qualify you for forbearance.
If you have been accepted into a medical or dental internship or residency program that requires a bachelor's degree, you may qualify for an Internship/Residency forbearance. You must provide a statement from an authorized program official, and possibly a state licensing agency, certifying eligibility and the begin and end dates of the program.
Reduced Payment
Choose a payment amount that fits in your budget, and that's your payment for the next year.
Select your payment amount on this plan. The requested payment amount must cover at least the estimated monthly interest accrued. If you are currently delinquent on your loan, we will process a hardship forbearance to bring your account current.
Student Loan Debt Burden
If your payments total more than 20% of your gross monthly income, you may qualify for forbearance.
To qualify for this forbearance, your student loan payments must be equal to or greater than 20% of your total monthly income. You will need to provide proof of income as well as documentation of your monthly payments due on any Title IV loans not serviced by Nelnet. Title IV loans include loans made under the Federal Family Education Loan Program (FFELP), Federal Direct Loan Program (FDLP), and Federal Perkins Loan Program. Forbearance is granted in periods of up to 12 months at a time with a cumulative maximum time limit of 36 months.
Teacher Loan Forgiveness Program
Teachers at eligible schools may request forbearance if they are performing teaching service to qualify for loan forgiveness.
To qualify for this forbearance, you must be performing qualifying teaching service at an eligible elementary or secondary school or educational service agency. Additionally, at the time you request the forbearance, the forgiveness amount must satisfy the anticipated outstanding balance of your loan at the time forgiveness is expected to be granted. You must provide a statement certifying your intent to complete the qualifying service and the beginning and end dates of the current academic year of teaching service. Forbearance is granted in periods up to 12 months at a time.
If you are not able to make payments and your situation does not qualify you for a deferment, you may request forbearance. There are several types of forbearance available.
Active Military Duty
Borrowers serving in the National Guard not covered by the military deferment may request this forbearance.
This forbearance is for borrowers who are not eligible for the military deferment. To qualify for this forbearance, you must be a member of the National Guard (including a retired member); called to active duty while still enrolled in school, or within six months after ceasing to be enrolled, on at least a half-time basis; and performing active military state duty during a period when the governor activates National Guard personnel. The service period must begin on or after October 1, 2007, or include that date. Forbearance is granted in periods up to 12 months at a time.
Corporation for National and Community Service (CNCS) Loan Repayment Program
If you perform community service, you may be able to postpone payments.
To qualify for this forbearance, you must be performing national service that qualifies for partial repayment of your loan under the National and Community Service Trust Act of 1993. You must provide a statement from an authorized CNCS official certifying eligibility and the begin and end dates of the service period. Forbearance is granted in periods up to 12 months at a time.
Department of Defense (DoD) Loan Repayment Program
If you serve in the DoD and participate in its student loan repayment program, you may qualify for forbearance.
To qualify for this forbearance, you must be participating in the DoD's loan repayment program and provide a statement from an authorized DoD official certifying eligibility and the beginning and end dates you are expected to perform service that qualifies you for partial repayment of your loan. Forbearance is granted in periods of up to 12 months at a time.
Hardship
If you cannot make your regular payments and do not qualify for other relief options, the hardship forbearance may be for you.
You may qualify for this forbearance if you are willing but temporarily unable to make scheduled payments and do not qualify for a deferment or other type of forbearance. Forbearance is granted in periods of up to 12 months at a time.
Internship/Residency
Working in a medical or dental internship or residency may qualify you for forbearance.
If you have been accepted into a medical or dental internship or residency program that requires a bachelor's degree, you may qualify for an Internship/Residency forbearance. You must provide a statement from an authorized program official, and possibly a state licensing agency, certifying eligibility and the begin and end dates of the program.
Reduced Payment
Choose a payment amount that fits in your budget, and that's your payment for the next year.
Select your payment amount on this plan. The requested payment amount must cover at least the estimated monthly interest accrued. If you are currently delinquent on your loan, we will process a hardship forbearance to bring your account current.
Student Loan Debt Burden
If your payments total more than 20% of your gross monthly income, you may qualify for forbearance.
To qualify for this forbearance, your student loan payments must be equal to or greater than 20% of your total monthly income. You will need to provide proof of income as well as documentation of your monthly payments due on any Title IV loans not serviced by Nelnet. Title IV loans include loans made under the Federal Family Education Loan Program (FFELP), Federal Direct Loan Program (FDLP), and Federal Perkins Loan Program. Forbearance is granted in periods of up to 12 months at a time with a cumulative maximum time limit of 36 months.
Teacher Loan Forgiveness Program
Teachers at eligible schools may request forbearance if they are performing teaching service to qualify for loan forgiveness.
To qualify for this forbearance, you must be performing qualifying teaching service at an eligible elementary or secondary school or educational service agency. Additionally, at the time you request the forbearance, the forgiveness amount must satisfy the anticipated outstanding balance of your loan at the time forgiveness is expected to be granted. You must provide a statement certifying your intent to complete the qualifying service and the beginning and end dates of the current academic year of teaching service. Forbearance is granted in periods up to 12 months at a time.
Admin- Admin
- Posts : 10
Join date : 2016-01-28 -
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|