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Forbearance lets you temporarily postpone or reduce your loan payments
With forbearance, you and your lender agree to do one of the following:
- Temporarily postpone your payments
- Temporarily allow you to make smaller payments
Forbearance may be a good option for you, but only your lender can decide if you are eligible. In the meantime, you must continue making payments on your student loans until your lender notifies you that you have a forbearance.
Contact ECMC Solutions for help. We’ll help you determine which forms to fill out when you apply. We’ll even follow up with your lender to make sure you receive a forbearance if you qualify.
Interest continues to accrue during forbearance
Interest will continue to accrue—or add up—on your remaining loan balance during forbearance. So even if you aren’t making payments on your loan account, charges for accrued interest will be added to your balance.
If at all possible, you should make interest payments during forbearance so the amount you owe doesn’t increase. Every three months, lenders can add the accrued interest to the principal balance of your loan, which causes your balance to increase—that is, interest will accrue on the higher principal balance amount.
To see how quickly unpaid interest can add up, use our Value of making interest payments calculator.
Forbearances come in several forms
Forbearances cover a wide range of financial circumstances. Each one has its own rules and requirements. To avoid confusion, contact ECMC Solutions. We can help you determine if you qualify and find the best option for your situation.
Even if you qualify, you must continue making payments until your lender confirms that the forbearance has been granted. Call us to figure out if a forbearance works for you.
