Forbearance is a temporary pause or reduction in loan payments. It can be granted to borrowers who are experiencing financial hardship and cannot make their scheduled payments.
Applying for forbearance is a relatively simple process. The first step is to contact your loan servicer and explain your situation. You will need to provide documentation to support your claim of financial hardship. This may include pay stubs, bank statements, or a letter from your employer.
Once you have submitted your application, your loan servicer will review it and make a decision. If your application is approved, your payments will be paused or reduced for a period of time. Forbearance can be a helpful way to get back on track if you are struggling to make your loan payments. However, it is important to note that forbearance is not a long-term solution. You will still need to repay the missed payments eventually.
