Sentences with phrase «mandatory forbearance»
"Mandatory forbearance" is a term used to describe a situation where a person is legally required to temporarily stop making payments on a loan, such as a student loan, for a specific period of time. Full definition
On the other hand, lenders are required to grant you forbearance if you are eligible for mandatory forbearance.
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As for mandatory forbearance, it also lasts for one year at a time, and you can continue to apply as needed.
As for forbearance on your federal loans, you can be eligible for mandatory forbearance if you have Direct, FFEL, or Perkins loans, and if your monthly payment is at least 20 percent of your monthly gross income.
You can qualify for mandatory forbearance in the following cases:
The Department of Education lists several ways you could qualify for up to three years of mandatory forbearance.
General Forbearance, Student Loan Debt Burden Forbearance, and Mandatory Forbearance forms are just some of the options you can choose from.
A common qualification for mandatory forbearance is financial hardship, but other circumstances might qualify you as well.
Mandatory forbearance is the forbearance that your loan service is under obligation to grant you as long as you meet the eligibility requirements.
For the mandatory forbearance, your loan servicer will automatically grant you a forbearance if you meet the requirements and provide proper documentation.
A mandatory forbearance is great provided you meet the requirements.
For mandatory forbearances, if you meet the eligibility criteria for the forbearance, your lender is required to grant the forbearance.
For example, you may qualify for a mandatory forbearance if you're in a medical or dental internship program, serving in a national service position for which you received a national service award, or qualify for teacher loan forgiveness.
Your lender must grant you a mandatory forbearance under certain conditions.
The FFEL regulations make a distinction between discretionary and mandatory forbearances.
To help cover this gap, there is a mandatory forbearance available to National Guard members who qualify for the post-active duty deferment (see below), but do not qualify for a military or other deferment.
To help address this gap, there is a mandatory forbearance available to National Guard members who qualify for the post-active duty deferment (see below), but do not qualify for a military or other deferment.
With a mandatory forbearance, if the criteria are met, the lender is required to offer it.
A mandatory forbearance must be honored by your lender.
You may also get a mandatory forbearance if you are in a medical or dental internship or residency program, received a national service award and are in a national service position, are teaching and qualify for teacher loan forgiveness, are a member of the National Guard and activated by a governor, or you qualify for partial repayment under the U.S. Department of Defense Student Loan Repayment Program.
If you qualify for a mandatory forbearance, your lender is required to grant it.
If you continue to meet the eligibility requirements for the forbearance when your current forbearance period expires, you may request another mandatory forbearance.
If you meet the eligibility requirements for a mandatory forbearance, your loan servicer is required to grant the forbearance.
Mandatory forbearances may be granted for no more than 12 months at a time.
If you continue to meet the eligibility requirements for the forbearance when your current forbearance period expires, you may request another mandatory forbearance... because well, they're mandatory!
A mandatory forbearance must be granted by your lender if you meet certain eligibility criteria for forbearance.