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If you find that you are falling behind in student loan payments, you can request forbearance.  A forebearance is when your lender agrees to a repayment plan on your mortgage. It usually involves a substantial down-payment and increased monthly payments.This is a temporary solution that is granted for those experiencing financial difficulty.

In order to qualify, one or more of the following must apply:  you suddenly lose your job, you become partially disabled, or you are experiencing other hardships.

According to Stafford Loan, you can receive forbearance if you did not qualify for deferment.  You have to apply directly to the lender and not only must you continue to make payments until the forbearance is granted, but the interest rates are not guaranteed and the interest only payments must be ongoing.

In addition, if you are in default you will not receive forbearance.

Under Section 464(e) of the HEA, it states that “there is a 3-year cumulative limit on the length of forbearances that a Federal Perkins Loan borrower can receive.  A school must receive a written request and supporting documentation from a Federal Perkins Loan borrower before granting the borrower forbearance, the terms of which must be in the form of a written agreement.”

It has also been stated in the above section that the Secretary is waiving these statutory and regulatory provisions to require an institution to grant forbearance based on the borrower’s status as an affected individual in this category for a one-year period, including a 3-month transition period that immediately follows that period, without supporting documentation or a written agreement, based on the written or oral request of the borrower, a member of the borrower’s family, or another reliable source.  The purpose of the 3-month “transition period is to assist borrowers so that they will not be required to re-enter repayment.

This last section is dated December 2003.  No source has been found to determine if the waiver is still in effect.  It would be advisable to discuss this with a financial aid counselor or anyone connected with Perkins Loans.

While a forbearance request may serve you in the short run, do not drag it any further than you have to.  It will only prolong the problem and the cost in interest will just add to your mounting debt.