Forbearance is another tool that can help you get through a period of financial difficulty. During forbearance, a lender temporarily reduces, extends or postpones regular loan payments. This alternative is usually reserved for individuals who are not eligible for a deferment.
When considering forbearance, borrowers should keep in mind that forbearance eligibility varies for each loan. Review the Loans at a Glance FAQ sheet to see details regarding forbearance eligibility for your loan.