Postponing Loan Repayment
Deferment: A deferment is a period of time during which no payments are required and interest does not accrue, unless you have an Unsubsidized Stafford Loan. In that case, you must pay the interest. To qualify for a deferment, you must meet specific eligibility requirements.
Forbearance: If you are not eligible for a deferment, but are temporarily unable to meet your repayment schedule, you may be eligible for a forbearance. Forbearance occurs when your servicer agrees to either temporarily reduce or postpone your student loan payments. Interest continues to accrue and you are responsible for paying it.
This occurs when a borrower meets specific requirements that permit nullifying the borrower's obligation to repay a designated portion of principal and interest on a student loan. Also called discharge of a loan.
- Postponement or cancellation is not automatic; borrowers must submit a completed application to each of their servicers.
- The servicer will determine eligibility and notify the borrower once the request has been processed.
- The borrower is responsible to continue making regular monthly payments until the request has been processed.
- The borrower must continue making interest payments during periods of forbearance.
- The borrower must keep track of the deferment/forbearance end-date and be prepared for repayment to resume.
- The Deferment/Forbearance chart details the options available for each loan program.
- Federal Student Aid maintains details of the cancellation options available.
Federal Direct Stafford or PLUS Loans: Your loan servicer will provide details and forms needed to complete the application process.
Federal Perkins or Institutional Loans: The Brown University Loan Office will handle your requests. You will need to complete the appropriate application form (below) and return the original form to the Loan Office for processing. NOTE: Submitted forms must be original, fax copies are not accepted.
Contact our office with questions about choosing the correct form.
Note: See Total & Permanent Disability Cancellation details on the Federal Student Aid website.