If you should be in a short-term bind that is financial you may possibly be eligible for a deferment or a forbearance. With either of the choices, it is possible to temporarily suspend your repayments.
In terms of deferment and forbearance, however, there are two main things that are important think about:
- More often than not, interest will accrue through your amount of deferment or forbearance. What this means is balance will increase and you will spend more within the life of one’s loan.
- Any period of deferment or forbearance likely will not count toward your forgiveness requirements if you’re pursuing loan forgiveness. Continue reading