How do I qualify for student loan forbearance?

In New Mexico, qualifying for loan forbearance requires you to be facing an economic hardship. Your loan servicer (the company that collects your loan payments) will consider several factors to determine whether you are eligible, including your income, job status, and expenses. To be eligible, you must demonstrate that your financial situation has changed and you are now unable to make payments, and that you have made a good faith effort to repay your loan. To apply for forbearance, you will need to contact your loan servicer and provide them with proof of your hardship. This may include copies of pay stubs, bank statements, or other documents that demonstrate your income, employment status, and other expenses. Your loan servicer will then review your application and may require additional information, so it’s important to provide them with as much proof as possible. If your application is approved, your loan servicer will determine the length of your forbearance. They may approve a period of one, three, or six months, or possibly longer. During this time, your payments may be reduced or suspended, depending on your situation. You must continue to make payments during your forbearance and remember to contact your loan servicer if your situation changes.

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