Frequently Asked Questions
Here you can find answers to many common questions, learn about student loans, and get some good advice on managing your student loan debt after college. Use the categories below to find what you need, or contact us if you need assistance.
What is a Forbearance?
This forbearance postpones repayment for borrowers who are:
- Experiencing an excess debt burden (the payments of all Title IV loans equal or exceed 20% of the borrower's total monthly gross income)
- Currently attending a non-Title IV school or Title IV school less than half-time
- Engaged in an internship or residency program
- Performing the type of service that qualifies for partial repayment of loans under the Student Loan Repayment Program administered by the Department of Defense
- Serving in a service position for which they will receive a National Service Educational Award under the National and Community Service Trust Act of 1993.
If you meet at least one of these criteria, please refer to Section 2 on the form for instructions on how to apply for a forbearance.
Download the form as a fillable PDF.
What is a Temporary Hardship Forbearance?
This forbearance postpones payments during times of financial difficulty for a period of up to one year at a time, and the maximum total forbearance time can be up to four years depending on your lender. It must be applied for a minimum of 30 days, and at a maximum to cover 6 future monthly installments. To qualify, you must have enough forbearance time remaining to bring your account current.
Please refer to Section 1 on the form to apply for a Temporary Hardship Forbearance.
Download the form as a fillable PDF.
What is a PLUS Dependent In-School Forbearance?
This forbearance can be used to enroll in interest-only payments or to postpone payments for parent loans while the student for whom they borrowed a PLUS loan is enrolled at least half-time at an eligible school.
*NOTE: Use this form only if you have a PLUS loan taken out through one or more of the following lenders: Edamerica, Edsouth, ASLA, Bank of America, Chase, Compass Bank, FAME, First Horizon, First Tennessee bank, Lela, MES, Redstone Federal Credit Union, or Trinity Higher Education Authority that is being serviced by Edfinancial Services.
Download the form as a fillable PDF.
What is a Teacher Loan Forgiveness Forbearance?
This forbearance postpones repayment while you are completing your five years of qualifying service to receive the Teacher Loan Forgiveness on your loans.
*NOTE: Use this form only if you had no outstanding balance on a Federal Family Education Loan (FFEL) Program Loan or a William D. Ford Federal Direct Loan (Direct Loan) Program Loan on 10/1/98, or had no outstanding balance on a FFEL Program Loan or a Direct Loan on the date you obtained a loan after 10/1/98.
Download the form as a fillable PDF.