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    Postponing Repayment With Forbearance

    Forbearance postpones your student loan payments if you need to. But use this option wisely as it always increases the amount you owe since the government won't pay any interest during your break.
    Updated: July 21, 2016

    What You'll Learn

    • How forbearance pauses payments.
    • How to apply for forbearance.
    • How it's different from deferment.

    Someone reaching for a clock

    If you can't afford to make any payments on your student loans, you have a couple options that will let you temporarily pause them: forbearance and deferment. If you have a choice—and especially if you have subsidized loans—it's usually best to apply for deferment first.

    But if you don't qualify for a deferment, you can still potentially turn to forbearance for relief. Before you do, though, make sure you understand some key facts about this option:

    • Your lender or servicer will grant forbearance at their discretion.
    • This option is usually reserved for cases of financial hardship or illness.
    • Unlike a deferment, interest builds up on all your loans during forbearance. This is capitalized at the end of the forbearance period, meaning forbearance will increase the amount you owe.

    Things to know:

    • Granted by your lender or servicer.
    • Usually reserved for cases of financial hardship or illness.
    • Interest continues to build up on your loan during forbearance and is capitalized at the end of the forbearance period. In other words, forbearance increases the amount you owe.

    To apply for forbearance, contact your lender or servicer. You can also fill out this application (also available in Spanish), and send it to your lender or servicer.

    Is Interest Paid For Me?

    During deferment, the federal government may pay the interest adding up on some kinds of loans. During forbearance, interest still builds up on all loans.

    That means forbearance always costs money. It may still be right for you, but it's not free.

    For example, let's say you have a $10,000 subsidized loan at 6.8% interest and want to postpone payments for a year. After that time, you'd owe the same $10,000 if you used deferment—but $700 more if you used forbearance due to the accrued interest. For unsubsidized loans, forbearance and deferment cost the same.

    Types Of Forbearance

    If you are having difficulty making payments, you can request a discretionary forbearance verbally. It is up to the lender to grant you the forbearance, but lenders grant these to help prevent your loans from defaulting. Lenders may choose to grant this type of forbearance if you are:

    • Having personal problems.
    • Unemployed and have exhausted all of your unemployment deferment eligibility.
    • Having health problems.

    Mandatory forbearance, also known as the excessive debt forbearance, must be granted if your payments on your Title IV federal loans each month are greater than 20% of your total monthly income. You would need to prove this, of course. You can only receive this forbearance for up to 3 years, so use it wisely—or look into an income-driven repayment plan (which could reduce your payments to as little as $0/month).

    If you have used all of your medical or dental internship/residency deferment eligibility or your promissory note doesn't provide for this deferment, then you can get a medical or dental internship or residency forbearance.

    You can receive a national service, loan forgiveness, Department of Defense repayment, or active military state duty forbearance if you:

    • Receive a national service educational award from AmeriCorps.
    • Perform service that would qualify you for partial loan repayment under some Department of Defense repayment programs.
    • Maintain eligibility for the Teacher Loan Forgiveness program and your lender believes that your forgiven amount will cover your amounts due.
    • Serve on active military state duty for at least 30 days.

    Perkins Loans Forbearance Rules

    Perkins loans have special forbearance rules:

    • Forbearance is granted solely at the discretion of your lending school.
    • Though not required, the U.S. Department of Education encourages schools to grant forbearance for borrowers serving with AmeriCorps.
    • Offered for up to 1 year at a time, but may not exceed a total of 3 years over the lifetime of the loan.
    • Hardship forbearance may be granted if the total amount you pay on your federal student loans is 20% or more of your gross monthly income.

    Learn more about student loan repayment options with the Salt® Repayment Navigator.

    Pospón la devolución con una prórroga

    Actualizado: 21 julio 2016

    Someone reaching for a clock

    La prórroga permite que pospongas la devolución, al igual que el aplazamiento. Pero hay dos diferencias claves. La primera es que es posible calificar para una prórroga incluso si no calificas para uno de los aplazamientos más específicos. En la mayoría de los casos, la prórroga se otorga solo a discreción de tu administrador de préstamos y todos tienen diferentes asignaciones.

    Una desventaja de utilizar una prórroga es que el interes continua acumulándose en tus préstamos, incluyendo los préstamos con subsidio. Si tienes la opción y en especial si tienes préstamos con subsidio, por lo general es mejor solicitar primero un aplazamiento, o incluso mejor, una opción de pago menor.

    Puntos que debes saber:

    • Lo otorga tu prestamista o administrador de préstamos.
    • Normalmente se reserva para casos de dificultades financieras o enfermedad.
    • El interes se continua acumulándo durante la prórroga y se capitaliza al final del mismo. En otras palabras, la prórroga incrementa el monto que debes.

    Si deseas solicitar una prórroga, comunícate con tu prestamista o administrador de préstamos.

    ¿Me pagarán los intereses?

    Durante el aplazamiento, es posible que el gobierno federal pague los intereses sumándolos a ciertos tipos de préstamos. Durante la prórroga los intereses continúan acumulándose en todos los préstamos.

    Esto significa que la prórroga siempre cuesta dinero. Quizás sea lo adecuado para ti, pero no es gratis.

    Por ejemplo, si tienes un préstamo de $10,000 con subsidio e intereses del 6.8% y quieres posponer los pagos por un año, si usaste un aplazamiento deberías esos $10,000, pero si usaste una prórroga deberías $700 más. Para los préstamos sin subsidio, la prórroga y el aplazamiento cuestan lo mismo.

    Tipos de Prórroga

    Si estás pasando por dificultades para pagar las cuotas, puedes solicitar de forma verbal un prórroga discrecional. Queda a disposición del prestamista el otorgarte o no la prórroga, pero los prestamistas los otorgan para ayudarte a prevenir que tus préstamos entren en incumplimiento de pago. Es posible que los prestamistas te otorguen este tipo de prórroga si:

    • Tienes problemas personales.
    • Estás desempleado y ya agotaste tu elegibilidad para un aplazamiento de pago por desempleo.
    • Tienes problemas de salud.

    La prórroga obligatoria, también llamada "Prórroga por deuda excesiva", se otorga si los pagos mensuales que realizas a tus préstamos federales del Título IV superan el 20% de tu ingreso mensual total. Por supuesto, debes demostrarlo. Solo puedes recibir esta prórroga por un lapso de hasta 3 años, por lo que debes usarlos sabiamente; también puedes revisar la devolución basada en ingresos.

    Si ya usaste tu elegibilidad para un aplazamiento por prácticas profesionales/residencia médica o en odontología, o tu pagaré no ofrece la opción para este tipo aplazamiento, entonces puedes adquirir una prórroga por prácticas profesionales/residencia médica o en odontología.

    Puedes recibir una prórroga por condonación de préstamo, servicio militar, devolución del Departamento de Defensa, o por servicio militar activo si:

    • Recibes un reconocimiento educativo por servicio militar de AmeriCorps.
    • Realizas algún servicio que califique para una devolución parcial del préstamo bajo algunos programas de devolución del Departamento de Defensa.
    • Conservas la elegibilidad para el Programa de Condonación de los Préstamos a los Docentes y tu prestamista considera que el monto condonado cubrirá el monto que debes.
    • Prestas servicio militar activo por al menos 30 días.

    Reglamentación de la prórroga de préstamos Perkins

    Los préstamos Perkins tienen reglas especiales para la prórroga:

    • La prórroga se otorga según el criterio de tu institución educativa prestamista.
    • A pesar de no ser obligatorio, el Departamento de Educación alienta a las instituciones educativas a otorgar períodos de prórroga para los prestatarios que sirven a AmeriCorps.
    • Se ofrece hasta un año por cada vez, pero no puedes exceder un total de tres años durante toda la duración del préstamo.
    • La prórroga por dificultades económicas puede ser otorgado si el monto total que pagas por tus préstamos estudiantiles federales supera el 20% o más de tu ingreso bruto mensual.
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