Forbearance

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Friday: 7 a.m. to 4:30 p.m. CT
Saturday: 7 a.m. to 11 a.m. CT

Forbearance lets you temporarily postpone or reduce your loan payments

With forbearance, you and your loan servicer(s) 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 loan servicer(s) can decide if you are eligible. In the meantime, you must continue making payments on your federal student loan(s) until you receive notification the forbearance was granted.

If you need help, contact Solutions at ECMC and we'll get you started.

Interest continues to accrue during forbearance

Interest accrues during forbearance, adding to your loan balance. So even if you aren't making payments on your loan account, charges for accrued interest will be added to your balance.

If possible, you should make interest payments during forbearance. Every three months, loan servicers can add the accrued interest to the principal balance of your loan(s), 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. Some are mandatory, meaning that your loan servicer(s) must give you a forbearance if you qualify. Other types of forbearance are granted at the discretion of the loan servicer.

Even if you qualify, you must continue making payments on your federal student loan(s) until you receive notification the forbearance was granted.