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A forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. Interest accrues during forbearance, and you are responsible for paying it.
Federal Perkins Loan borrowers are entitled to forbearance of principal and interest or principal only, renewable at intervals of up to 12 months for periods that collectively do not exceed three years, under the following conditions: If monthly Title IV loan debt burden equals or exceeds 20 percent of my total monthly gross income; if the Department authorizes a period of forbearance due to a national military mobilization or other national emergency; or if the School determines that I qualify due to poor health or for other reasons, including service in AmeriCorp
Payment of past due interest and/or late fees may be required to process your forbearance request. Please contact the Loan Office for further information.
To apply for forbearance, the borrower must complete the entire application and attach documentation verifying income (i.e. a recent pay stub) or unemployment benefits.