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Student Loan Debt Forbearance Form

Complete this form and send to: PO Box 69184 FedLoan Servicing Harrisburg, PA 17106-9184Download

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STUDENT LOAN DEBT BURDEN	 	 William D. Ford Federal Direct Loan (Direct Loan) Program	 / Federal 	Family	 Education Loan (FFEL) Program	 	  WARNING: 	Any person who knowingly makes a false statement or misrepresentation on this form or on any accompanying document is subject	 to 	penalties that may include fines, imprisonment, or both, under the U.S. Crimina	l Code and 20 U.S.C. 1097.	 	 	
 	Please enter or correct the following information. 	 	
 Check this box if any of your information has changed.	 	
SSN 	 	 	 	 	- 	 	 	- 	 	 	 	 	 	 	Name	 	 	 	Address	 	 	 	City, State, Zip Code	 	 	 	Telephone 	– Primary  	  (     	       )   	 	Telephone 	– Alternate  (     	       ) 	 	 	E-mail Address (Optional)	 	 	 	 	
Before completing this form, carefully read the entire form, including the instructions and other information in Sections 	4, 5, and 	6. 	
 I request that	 my loan holder grant a forbearance on my loan(s) beginning |____|____|	-|____|____|	-|____|____|____|____| for a period 	of up to 	12 months, 	
unless an earlier 	ending 	date is indicated here |____|____|	-|____|____|	-|____|____|____|____|.  	I request this forbea	rance because t	he total monthly payment on 	
all my eligible federal education loans is equal to or greater than 20% of my total monthly income.	 	
 If this forbearance request is approved, I want to	 (check one):	 	
Temporarily stop making payments; or	 	
 Make smaller payments of $____________ per month.	 	
Check one:	 	
  My total monthly income from all sources is $ __________	____.  I have attached documentation of this income as described in Section 6.	 	
  I receive no income or receive only untaxed income.  Examples of untaxed income include 	Supplemental Security Income, Child Support, or Federal or State 	
Public Assistance	. 	
 I understand that:	  	
(1) My loan holder will not grant this forbearance request unless all applicable sections of this form are completed and required	 documentation is provided.  	 	
(2) If I am past due on payments not covered by this forbearance, my loan holder may grant an additi	onal forbearance 	on my loan(s) 	to resolve all payments due 	
when my request is	 processed	, and	 all unpaid interest may be	 capitalize	d (as defined in 	Section 5) as permitted by law.  	 	
(3) If I do not qualify for this forbearance, my loan holder may apply a discretionary forbearance for the same period if I am el	igible.  	 	
(4) I am responsible for	, and 	have the option to	 pay	, the interest that accrues on my loan(s) during forbearance.  Any u	npaid accrued interest which I do not pay 	
may be capitalized by my loan holder as permitted by law.  	 	
  I wish to make interest payments on my loan(s) during my 	forbearance	. 	
(5) 	I may make 	payments during the forbearance period to reduce the total amount I owe on my student loan(s). 	 	
(6) 	At the en	d of the forbearance, I may apply	 for another period of	 forbearance of up to 12 months	 if I continue to meet the eligibility requirements.  The maximum 	
time allowed for this forbearance is 3 years.	 	
 I certify that: 	 	
(1) The information I 	have 	provided above is true and correct. 	 	
(2) I will provide additional documentation to my loan holder, as required, to support my forbearance request. 	 	
(3) 	I will notify my loan holder immediately when the condition that qualified me for the forbearance ends.	   	
(4) I have read, understand, and meet the eligibility requirements of this forbearance as 	explained	 in Section 6.  	 	
(5) I agree to repay my loan(s) according to the terms of my promissory note(s), regardless of whether the forbearance is granted	.  	
  I authorize 	the entity to which I submit this request (i.e., the school, the lender, the guaranty agency, the U.S. Department of Educatio	n, and their respective 	
agents and contractors) to contact me regarding my request or my loan(s), including repayment o	f my loan(s), at the number that I provide on this form or any 	
future number that I provide for my cellular telephone or other wireless device using automated telephone dialing equipment o	r artificial or prerecorded voice or 	
text messages.	 	
Borrower	’s or 	
Endorser’s	 Signature	 	
OMB No. 	1845	-0018	 	Form	 Approved	 	Exp. Date 	7/31/201	5

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SECTION 	4: INSTRUCTIONS FOR COMPLETING THE FORM	 	  Type or print using dark ink. Enter dates as month	-day	-year (mm	-dd-yyyy	). Use only numbers. Example: January 31, 2012 = 01	-31-2012. Include your name and account number on 	any documentation that you are required to submit with this form. If you need help completing this form, contact your loan ho	lder. If you are applying for 	a forbearance 	on loans that 	are held by different loan holders, you must submit a separate 	forbearance	 request to each loan holder.	 	 Note to	 Endorsers/Comakers (1)	 If you are a	n endorser	, you	 may request forbearance 	only 	when 	you are required	 to repay the 	loan	 because the borrower is not m	aking 	payments	.  (2) If you are requesting forbearance on 	a loan 	that was made jointly to you and your spouse as	 comakers (joint borrowers), 	both you and the other comaker 	must 	individually 	meet the requirements	 for a forb	earance and each 	of you 	must complete a separate 	forbearance request	. 	 
Return the completed form and any required documentation to the address shown in Section	 7. 	 
SECTION 	5: DEFINITIONS	 	   Capitalization 	is the addition of unpaid interest to the principal balance of your loan. The principal balance of a loan increases when paym	ents are postponed during periods of 	deferment or forbearance and unpaid interest is capitalized. As a result, more interest may ac	crue over the life of the loan, the monthly payment amount may be higher, or more 	payments may be required. The chart below provides estimates, for a $15,000 	unsubsidized loan balance at a 6.8	% interest rate, of the monthly payments due following a 12	-	mont	h forbearance that started when the loan entered repayment	. It compares the effects of paying the interest as it accrues, capitalizing the interest at the end of the 	forbearance	, 	and capitalizing interest quarterly and at the end of the 	forbearance	. Please	 note that the 	U.S. Department of Education (the 	Department	) and many other holders do	 not capitalize 	interest on a quarterly basis.  	The actual loan interest cost will depend on your interest rate, length of the 	forbearance	, and frequency of capitalizatio	n. Paying interest during the 	period of 	forbearance	 lowers the monthly payment by about 	$12 and saves about $	426	 over the lifetime of the loan, as depicted in the chart below.	 	
Treatment of Interest Accrued 	 	
During 	Forbearance	 	
Capitalized 	Interest	 	
 for 12 Months	 	
Principal to	 	
 Be Repaid	 	
Number of 	 	
Total Amount	 	
Total Interest 	 	
Interest is paid	 	$15,000.00	 	$0.00	 	$15,000.00	 	$172.62	 	120	 	$21,736.55	* 	$6,730.66	 	
Interest is capitalized at the end of forbearance	 	$15,000.00	 	$1,022.09	 	$16,022.09	 	$184.38	 	120	 	$22,125.94	 	$7,119.64	 	
Interest is capitalized quarterly during deferment and at the end of 	forbearance	 	$15,000.00	 	$1,048.51	 	$16,	048.51	 	$184.69	 	120	 	$22,162.41	 	$7,156.10	 	
 *Total amount repaid includes 	$1,022.09	 of interest paid during the 12	-month period of 	forbearance	. 	   A comaker 	is one of two individuals who are joint borrowers on a 	Direct 	or Federal 	Consolidation Loan 	or a Federal PLUS Loan. Both comakers	 are equally responsible for 	repaying the 	full amount of the 	loan. 	 	   Eligible	 Federal Education Loans	 that may be used in determining your eligibility for a Student Loan Debt Burden Forbearance are loans made under Title IV of 	the Higher 	Education Act of 1965, as amended.	 	   An endorser 	is an 	individual who signs a promissory note and agrees to pay the loan if the borrower does not.	 	   The 	Federal Family Education Loan (FFEL) Program	 includes Federal Stafford Loans	, Federal PLUS Loans, Federal Consolidation Loans, and Federal Supplemental Loans for 	Students (SLS). 	 	   The 	Federal Perkins Loan (Perkins Loan) Program 	includes Federal Perkins Loans, National Direct Student Loans (NDSL), and National Defense Student Lo	ans (Defense 	Loan).	 	   A forbearance	 is a period during which you are 	allowed	 to temporarily postpone making payments, allowed an extension of time for making payments, or temporarily 	allowed	 to 	make smaller payments than scheduled.	 	
 A forbearance	 can be mandatory, meaning that your loan holder must grant the forbearance if you 	qualify	 for the forbearance	 and supply all supporting documentation.	 	 A forbearance can also be discretionary, meaning that your loan holder 	may	 grant t	he forbearance	, but is	 not required to do so	. 	 	  The 	holder 	of your 	Direct Loan Program loan(s) is the 	Department	.  The holder of your 	FFEL Program loan(s) may be a lender, guaranty agency, secondary	 market, or the 	Department.	 	   Title IV loans	 are loans under the Direct Loan, 	FFEL, 	and Perkins Loan Programs.	 	  Total monthly income	 is either:	 	  The amount of income received from employment and other sources before taxes and other deductions; or	 	  One	-twelfth of the “adjusted gross income” on your	 most recently filed Federal Income Tax Return.	 	 The 	William D. Ford Federal Direct Loan (Direct Loan) Program	 includes Federal Direct Stafford/Ford (Direct Subsidized) Loans, Federal Direct Unsubsidized Stafford/Ford 	(Direct Unsubsidized) Loans, Federal 	Direct PLUS (Direct PLUS) Loans, and Federal Direct Consolidation (Direct Consolidation) Loans.	 	
SECTION 	6: ELIGIBILITY REQUIREMENTS	 	    You may temporarily postpone making payments or make smaller payments than previously scheduled during the period you meet th	e requirements described in Section 2.	 	
  The forbearance may be granted for up to 12 months at a time.  Maximum eligibility for 	this forbearance	 is 3 years.	 	
  To qualify for forbearance on your loan(s): 	 	
(1) The monthly payments due on all your Title IV loans must be equal to or greater than 20% of your	 total	 monthly income.  	 	
(2) You must provide your loan holder with: 	 	
(a) Documentation of the most recent monthly payments due on all your Title IV loans (e.g., copies of monthly statement or re	payment schedules); and 	 	
(b) Documentation of your most recent total monthly income from all sources (e.g., copies of current tax r	eturn, pay stubs	, W-2 forms, dividend statements	), unless you do not 	have income. 	 	
 If you are a comaker (joint borrower) on the loan, you and the other comaker must each meet the requirements of 	a forbearance and complete a separate form. 	 	
 If you are an 	endorser who has become obligated to repay the loan, you are eligible to request forbearance due to a student loan debt burde	n based on your circumstance.	 	
If you need payment relief and do not meet the requirements for this forbearance, contact your loan h	older for information about repayment options, deferments, and 	other 	types	 of forbearance	.

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SECTION 	7: WHERE TO SEND THE COMPLETED 	FORBEARANCE	 REQUEST	 	 Return the completed form and any required documentation to:	 	 (If no address is shown, return to 	your loan holder.)	 	     	
 If you need help completing this form, call:	 	(If no telephone number is shown, call your loan holder.)	 	     	 
Privacy Act Notice.	  The Privacy Act of 1974 (5 U.S.C. 552a) requires that the following 	notice be provided to you:	 	
The authorities for collecting the requested information from and about you are §421 	et seq.	 and §451 	et seq.	 of the Higher Education Act of 1965, as amended (20 U.S.C. 1071 	et 	seq.	 and 20 U.S.C. 1087a 	et seq.	) and the 	authorities for collecting and using your Social Security Number (SSN) are §§428B(f) and 484(a)(4) of the HEA (20 U.S.C. 1078	-2(f) and 	1091(a)(4)) and 31 U.S.C. 7701(b).  Participating in the Federal Family Education Loan (FFEL) Program or the William D. F	ord Federal Direct Loan (Direct Loan) Program and giving 	us your SSN are voluntary, but you must provide the requested information, including your SSN, to participate.	 	
The principal purposes for collecting the information on this form, including your SSN, 	are to verify your identity, to determine your eligibility to receive a loan or a benefit on a loan 	(such as a deferment, forbearance, discharge, or forgiveness) under the FFEL and/or Direct Loan Programs, to permit the servi	cing of your loan(s), and, if i	t becomes necessary, to 	locate you and to collect and report on your loan(s) if your loan(s) become	s delinquent or default	s.  We also use your SSN as an account identifier and to permit you to access your 	account information electronically.	 	
The information	 in your file may be disclosed, on a case	-by-case basis or under a computer matching program, to third parties as authorized under routine uses	 in the appropriate 	systems of records notices.  The routine uses of this information include, but are not limite	d to, its disclosure to federal, state, or local agencies, to private parties such as relatives, 	present and former employers, business and personal associates, to consumer reporting agencies, to financial and educational 	institutions, and to guaranty agen	cies in order to verify 	your identity, to determine your eligibility to receive a loan or a benefit on a loan, to permit the servicing or collection 	of your loan(s), to enforce the terms of the loan(s), to investigate 	possible fraud and to verify complianc	e with federal student financial aid program regulations, or to locate you if you become delinquent in your loan payments or 	if you default.  To 	provide default rate calculations, disclosures may be made to guaranty agencies, to financial and educational i	nstitutions, or to state agencies.  To provide financial aid history 	information, disclosures may be made to educational institutions.  To assist program administrators with tracking refunds and	 cancellations, disclosures may be made to guaranty 	agencies, 	to financial and educational institutions, or to federal or state agencies.  To provide a standardized method for educational	 institutions to efficiently submit student enrollment 	status	es, disclosures may be made to guaranty agencies or to financial and e	ducational institutions.  To counsel you in repayment efforts, disclosures may be made to guaranty 	agencies, to financial and educational institutions, or to federal, state, or local agencies. 	 	
In the event of litigation, we may send records to the Departm	ent of Justice, a court, adjudicative body, counsel, party, or witness if the disclosure is relevant and necessary to the 	litigation.  If this information, either alone or with other information, indicates a potential violation of law, we may send	 it to th	e appropriate authority for action.  We may send 	information to members of Congress if you ask them to help you with federal student aid questions.  In circumstances involvin	g employment complaints, grievances, or disciplinary 	actions, we may disclose rele	vant records to adjudicate or investigate the issues.  If provided for by a collective bargaining agreement, we may disclose 	records to a labor organization 	recognized under 5 U.S.C. Chapter 71.  Disclosures may be made to our contractors for the purpose o	f performing any programmatic function that requires disclosure of records.  	Before making any such disclosure, we will require the contractor to maintain Privacy Act safeguards.  Disclosures may also b	e made to qualified researchers under Privacy Act 	safe	guards.	 	
Paperwork Reduction Notice.	  According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it	 displays a currently 	valid OMB control number.  Public reporting burden for this collection o	f information is estimated to average 0.25	 hours (15 minutes) per response, including the time for reviewing 	instructions, searchi	ng existing data resources, gathering and maintaining the data needed, and completing and reviewing the information collectio	n.  Individuals are obligated to 	respond to this collection to obtain a benefit in accordance with 	§428(c)(3)(a)(i)(II) 	 of the HEA 	[20 U.S.C. 1078(c)(3)(a)(i)(II)]	.  Send comments regarding the burden estimate(s) or any 	other aspect of this collection of information, including suggestions for reducing this burden to the U.S. Department of Educ	ation, 400 Maryland Avenue, SW	, Washington, DC 20210	-	4537 or e	-mail 	[email protected]	 and reference OMB Control Number 1845	-0018.  	Note: Please do not return the 	completed form	 to this address.	 	
If you have questions regarding the status of your individual submission of this form, cont	act your loan holder (see Section 	7).
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If you're not sure what type of loans which you have, visit the National Student Loan Data System at to track off your loan type. Though loans are deferred for a time period, they still have variable prices. No credit check personal loans ought to be restricted to smaller amounts and little terms at first.

In a way, deferment is a kinder alternate to forbearance, as you won't need to take care of a bigger debt after the grace period. Deferment enables students to postpone payment while they're in school and is readily available for all sorts of loans. In some specific conditions, a student loan deferment might be a better choice.

You must be relevant to your loan servicer to get a deferment. In other instances, a loan servicer must offer forbearance. Your loan servicer determines if you're qualified for forbearance.

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