How do I qualify for student loan forbearance?

In North Carolina, there are several ways to qualify for student loan forbearance. The most common way is to be able to prove that you are having difficulty making your student loan payments due to financial hardship. To qualify for forbearance, you must provide proof of financial hardship, such as recent pay stubs, documentation of unemployment or a reduction in wages, or a doctor’s note confirming that you are unable to work due to illness. You can also qualify for student loan forbearance if you are a student in an approved educational program. If you are enrolled in an approved program such as a medical residency or fellowship, student teaching, or an internship, you may be eligible for student loan forbearance, depending on the specific program. In some cases, you may be able to qualify for student loan forbearance due to military service or service in the Peace Corps. If you are serving in the military, you can apply for the Servicemembers Civil Relief Act (SCRA) which provides you with limited forbearance options for your student loans while you are on active duty. Similarly, if you are serving in the Peace Corps, you may be able to qualify for loan deferment. Finally, you may be eligible for loan forgiveness through your lender if you have made a certain number of consecutive, on-time payments. Although this is not considered forbearance, it is another option if you are having difficulty repaying your student loans. If you believe you may qualify for student loan forbearance, you should contact your lender to determine what options may be available to you.

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How do I qualify for student loan forbearance?

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