PLUS Loan Forbearance
PLUS Loan Forbearance Options
A forbearance is a temporary postponement of monthly loan payments
for a specific reason and for a specified length of time. During a
forbearance, interest is charged but monthly payments are not
necessary. You may qualify for a forbearance if you are experiencing
an economic hardship. Lenders may use a discretionary forbearance to
allow for other situations. Contact your loan servicer for your
available forbearance options.
Parents may request a forbearance on their Federal PLUS loans while
the student is enrolled in school. This option allows a parent to
borrow funds without the immediate obligation of making monthly
payments while the student is enrolled. Contact your PLUS loan
servicer about this forbearance option.
The in-school forbearance is NOT available on PLUS Consolidation
Loans. You may, however, be able to use other available forbearance
options on the consolidation loan while the student is enrolled.
Contact your PLUS Consolidation Loan servicer for more information.
Remember that you can always pay any amount towards the PLUS loan
during a forbearance, thus reducing the amount of interest paid and
the length of the loan. Any amount received will first be applied
onto the accumulated interest before being applied on the principal.