Does Deferment or Forbearance Time Count for Student Loan Forgiveness?
Time on a deferment or forbearance usually doesn’t count towards student loan forgiveness, but there is one massive exception to the rule and a couple temporary exceptions.
Time on a deferment or forbearance usually doesn’t count towards student loan forgiveness, but there is one massive exception to the rule and a couple temporary exceptions.
Interest usually accrues during a forbearance or deferment. However, there are a couple of noteworthy exceptions to the rule.
A gap in repayment may delay student loan forgiveness, but borrowers usually don’t have to start over.
Stretching out the student loan grace period usually isn’t possible, but there are plenty of resources to help borrowers that are not quite ready to start repayment.
Deferments and forbearances are risky and most borrowers can find better options available.
If a deferment or forbearance isn’t available on your student loans it is time to explore some more creative options to keep payments affordable.
Loan servicers like to suggest deferments for struggling borrowers, but this suggestion is often good for the lender and bad for the borrower.
Deferments are often a mistake for student loan borrowers. However, there are a couple circumstances where pausing payments could be a smart move.