Sentences with phrase «administrative forbearance»
"Administrative forbearance" is a phrase used to describe a temporary suspension or postponement of certain administrative tasks or responsibilities. It means that certain actions or requirements are temporarily put on hold or delayed, usually for a specific reason or period of time. Full definition
Yes, you may be eligible for administrative forbearance.
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As stated above, your loans will continue to accrue interest during administrative forbearance.
If you do decide to opt into administrative forbearance, consider making interest - only payments if you can.
Administrative forbearance typically lasts for 3 months from the date that the area is declared a disaster zone.
Okay, so let's say that you are ineligible for administrative forbearance, and you do not have federal student loans.
Make sure you specifically request a disaster - related administrative forbearance, rather than a general or economic hardship forbearance; you'll also want to ask about whether any outstanding interest will be capitalized (added to the principal balance).
You may be automatically enrolled in administrative forbearance in some cases, so if you decide that you can continue to make payments and don't want to participate, call your lender or servicer to check the status of your loans.
With a few limited exceptions such as local or national emergencies, the FFEL administrative forbearances are discretionary.
Most relevant for low - income borrowers are mandatory administrative forbearances for up to five years in cases where the borrower will not be able to repay the loan within the maximum repayment term.
If you are in a FEMA - declared disaster zone, then you will be eligible for three months of administrative forbearance, whether your student loans are private or federal.
In order to find out whether a borrower will qualify for special services under this program, which may include administrative forbearance, the borrower may call the customer service number during regular business hours.
Both FFEL and Direct Loan regulations provide for administrative forbearances for various reasons such as while the lender is resolving a change in loan status or pending the resolution of a discharge application.
Make sure you specifically request a disaster - related administrative forbearance, rather than a general or economic hardship forbearance; you'll also want to ask about whether any outstanding interest will be capitalized (added to the principal balance).
During administrative forbearance, your loans will continue to accrue interest, which will ultimately increase the amount of money you pay over the life of the loan, but this can be helpful if you are truly unable to make your payments.
Even if you would not normally qualify for forbearance, if you are in a FEMA - declared disaster zone you should be eligible for administrative forbearance.
The most helpful among those benefits (at least as they relate to student loans) is likely to be «administrative forbearance,» which is a period of up to three months where you do not need to make your student loan payments.
Administrative Forbearance: Administrative forbearance is a special kind of forbearance that is automatically granted to any student loan borrower who is living in an area that has been designated a natural disaster zone by FEMA.
Administrative forbearance is available by law, to all borrowers within a disaster zone, whether they are federal or private student loans, and typically lasts for 3 months from the date that the disaster was declared.
There is also something called «administrative forbearance» that is available to student loan borrowers who have been impacted by a natural disaster such as a hurricane, tornado, earthquake, or something similar.
An administrative forbearance may be used for temporary suspension of collection activity while researching borrower disputes, awaiting bankruptcy and death documents, or for other circumstances as approved by the Lender.