How Can You Extend Student Loan Forbearance?
Getting an extension on your student loan forbearance can be challenging. You may need help getting through to the right person at your loan servicer or help knowing where to start. But don’t worry! That’s why you should read this article. Here are some tips on how you can get more time on extending student loan forbearance:
Go to your loan servicer’s website.
If you’ve been approved for forbearance, you should be able to access the application from your loan servicer’s website. This may require logging in or downloading the application and printing it out. If so, make sure that you have the appropriate printer connected to your computer and are logged into a secure network before doing so.
If you require forbearance but aren’t sure where to start, don’t worry—there’s help available! Your lender will be able to walk through this process with you step-by-step. You can also check out their website for other helpful information related to your loans.
Call your loan servicer.
If you’re eligible for forbearance, the first step is ensuring your loan servicer knows about it. You can do this in two ways:
- Call your student loan statement number and let them know you want to apply for forbearance. Ask if they will accept it as such or if they require an application letter from your school or employer.
- Submit a written request via mail or fax. Include any necessary documentation, such as recent pay stubs, financial statements and letters from employers confirming eligibility for job-related reasons. Most services have online applications that offer step-by-step instructions on how to complete the process. Once all required information has been gathered and submitted electronically within specific deadlines. However, these methods may take longer than other options due to high volume during peak seasons, so keep this in mind when considering what route is right for you!
Fill out the forbearance extension application.
First, you’ll need to fill out the forbearance extension application and submit it. You can find the application on your loan servicer’s website or download it from StudentLoans.gov and send it in via fax or email.
Once you’ve filled out the form and attached all of your supporting documentation, you’re finished! Your loan servicer will review your request and let you know whether they approve or deny it within a few weeks. If they deny it, they’ll usually give some reasons so that you can address them if possible.
Submit your application and supporting documents.
Make sure you have all the necessary documents and make sure you submit them on time. If you don’t hear back from your loan servicer, follow up with them again after a month to ensure that your application has been received and processed. Lantern by SoFi experts says, “General forbearances are available for federal Direct Loans, Federal Family Education (FFEL) Program loans, and Perkins Loans.”
When you’re struggling to make ends meet, the last thing you want is for your student loan payment to come due. Forbearance can help you with that. After submitting your application and supporting documents, it should take about two weeks to hear back from your servicer regarding the approval or denial of the extension request. If approved, follow up regularly on when your forbearance period will end!