Private Loan Consolidation

Forbearance

Enjoy peace of mind when you can't make payments.

If you are unable to make your scheduled loan payments due to a financial hardship, your servicer may grant a hardship forbearance to you for up to six (6) months. The total period of the hardship forbearance may not exceed six (6) months regardless of the number of forbearances granted.

During this forbearance period all principal and interest payments will be suspended; however, interest will continue to accrue and will be added to your loan amount at the end of the forbearance period. Additionally, forbearance may only be granted after a full year of full principal and interest payments on your new loan have been completed.

Please note that your servicer is generally not required to grant a forbearance and may require you to provide reasons for the request and other information.