How do I qualify for student loan forbearance?

In Oregon, you must meet certain eligibility criteria in order to qualify for student loan forbearance. Generally, the criteria include being enrolled in an accredited post-secondary education program, being employed at least 30 hours a week, or having an economic hardship as determined by the U.S. Department of Education. Additionally, your loan must be covered under the Federal Family Education Loan Program (FFEL) or the Direct Loan Program. If you meet the criteria, you can then apply for a student loan forbearance. Generally, this will involve submitting a request to your loan servicer with required documents as proof of eligibility. You may also be qualified for a loan forbearance if you have a job that qualifies as “public service” under the Public Service Loan Forgiveness Program. This includes qualifying jobs such as a teacher, nurse, or law enforcement officer. You must be employed in one of these occupations for a minimum of 10 years to be approved for the loan forbearance. Once approved, you may be able to receive a loan forbearance for up to 12 months at a time, with a maximum of three years. During this time your loan payments will be suspended, but interest will continue to accrue and will need to be paid if the loan is not paid off or forgiven in full by the end of the forbearance period.

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How do I qualify for student loan forbearance?

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