Forbearance is somewhat similar to deferment. The difference is you should pay interest on specific types of loans throughout the deferment period. However, if you don’t meet the deferment requirements, instead you can take forbearance for the best option.
To make it simpler for you to submit the student loan forbearance, you can take advantage of FedLoan, one of the student loan organizations to help you request a forbearance. So, how to submit a forbearance with FedLoan and where to download the forbearance form?
Where to Download a Forbearance Form with FedLoan?
FedLoan in this situation actually helps you to make your forbearance application way better. In other words, FedLoan seems to bridge student loan borrowers to submit their student loan forbearance.
To submit a forbearance with Fedloan, you may need to download a FedLoan Forbearance request form first. After downloading and filling out the form, you definitely can submit a forbearance. The form to fill out will depend on what type of forbearance you are eligible for.
To download a FedLoan Forbearance Request form, you can just click this link: https://usstudentloancenter.org/wp-content/uploads/2017/11/GeneralForbearance-1.pdf After you click this link, you surely will see the FedLoan Forbearance Request form.
To download the FedLoan Forbearance Request form, you just simply click the ‘Down Arrow’ icon on the left of your screen. To download this form, you should determine at which folder you will save this form.
Then, you need to click the ‘Save’ button. To make it easier for you to find the FedLoan Forbearance Request form, you should ensure to remember at what folder this form is stored. If the downloading process is totally completed, you will see the PDF file available at the bottom of your screen.
If you want to print the FedLoan Forbearance form, you may have to click the ‘Printer’ icon on the left of your screen beside the ‘Down Arrow’ icon. You may need to save the file first, before you can print the form. Once the FedLoan Forbearance Request form is stored, you can connect your printer to your PC. Then, you can start printing the FedLoan Forbearance Request form.
That’s how to download the FedLoan Forbearance Request form. Downloading the form is pretty easy, isn’t it? So, if you have a plan to submit your student loan forbearance, you can start downloading the form first and then filling out any information available on the form.
What Is In the FedLoan Forbearance Request Form?
Just like other forms, FedLoan Forbearance Request form provides a bunch of sections that you should fill out. Here they are:
- Borrower Information
In this first section, it includes your personal information including
- Your SSN
- Your name
- Your address
- Your city
- Your state
- Your zip code
- Your telephone (primary and alternate) number
- Your email (optional)
- Forbearance Request
In the second section, you may need to read the entire form carefully before you fill it out. You will be required to answer all questions in section 2.
- Borrower/ Endorser Understandings, Certifications and Authorization
For this section, you should understand whether or not you are qualified for forbearance. You may also need to provide additional documentation to your loan holder. Last, you may authorize the entity which you submit this request and its agents to contact you regardless of your request or your loans at any cellular telephone number that you provide.
- Instructions For Completing the Forbearance Request
This section provides the instructions that you should do for completing the forbearance request. You can type or print using dark ink. You can also enter dates as month-day-year as appropriate. You may also need to include your name and your account number on any documentation which you may be requested to file with this form.
This section provides some definitions that you should understand related to the forbearance terms.
- Where to Send the Complete Form
This section provides the information about where you can send your completed form.
- Important notices
To understand what you can and can’t do, you may need to read the important notices available in section 7.
Okay, those are the information that you will get in the FedLoan Forbearance Request form.
How to Request Forbearance with FedLoan?
To request a forbearance with Fedloan, there are a bunch of simple steps that you need to follow. So, here’s how to request a forbearance with FedLoan!
- All you have to do is to download a FedLoan Forbearance Request form. The download link has been mentioned above.
- Once you download the FedLoan Forbearance Request form, you have to fill out the form.
- In the case of filling out the forbearance form, you may need to provide your personal information such as your name, SSN, address, etc. Then, make sure to read carefully the forbearance request before you answer some questions available.
- You may also need to select between temporarily stop making payments or make smaller monthly payments or whatever the terms were agreed after if approved.
- Then, you should also write the date when you want to start and end your forbearance on your student loan. Well, it should not exceed 12 months.
- Make sure to fill out the borrower/endorser forbearance agreement and authorization portion.
- After filling out all the information on the FedLoan Forbearance Request form, you can then send the form to Fedloan Servicing (U.S. Department of Education, FedLoan Servicing, P.O. Box 69184, Harrisburg, PA 17106-9184 or fax the form to 717-720-1628)
Congratulations! You successfully submit a forbearance with FedLoan. If you also want to file a forbearance with FedLoan, it’s your turn to start submitting your forbearance with FedLoan right now.
For more information, there are two types of forbearances, including mandatory and general.
- Mandatory Forbearance: Your loan servicer will give you a forbearance automatically if you meet some requirements and provide appropriate documentation.
- General Forbearance: This type of forbearance’s approval will depend on your lender’s discretion, particularly it is general forbearance. You definitely can request it if you cannot make monthly student loan payments because of the following circumstances: Financial hardship, Medical expense, Unemployed and Other grounds acceptable to the loan servicer.