If you`re struggling to make ends meet and are unable to keep up with your Navient student loan payments, a forbearance agreement may be the solution you`re looking for. A forbearance agreement allows you to temporarily postpone your loan payments, giving you some breathing room and allowing you to get back on your feet.
What is a forbearance agreement?
A forbearance agreement is an agreement between you and Navient that allows you to temporarily suspend or reduce your monthly loan payments. During the forbearance period, interest may still accrue on your loan, but you won`t be responsible for making any payments until the forbearance period ends.
Navient offers two types of forbearance agreements: general forbearance and mandatory forbearance. General forbearance is granted at the discretion of Navient and is usually granted for financial hardship or medical reasons. Mandatory forbearance, on the other hand, is required by law and must be granted under certain circumstances, such as if you`re serving in the military or if you`re participating in a medical or dental internship or residency program.
How do I apply for a forbearance agreement with Navient?
To apply for a forbearance agreement with Navient, you`ll need to submit a request through their website or by calling their customer service line. You`ll need to provide documentation that supports your reason for requesting the forbearance, such as proof of financial hardship or medical records. Navient will evaluate your request and determine whether or not to grant the forbearance.
It`s important to note that forbearance agreements are not a long-term solution to your student loan debt. While they may provide some relief in the short-term, interest will continue to accrue on your loan during the forbearance period, which means you`ll ultimately end up paying more in the long run. If you`re struggling to make payments on your Navient student loans, it`s important to explore all of your options, including income-driven repayment plans and loan consolidation.
In summary, a forbearance agreement with Navient can provide temporary relief for those struggling to make payments on their student loans. However, it`s important to carefully consider all of your options before agreeing to a forbearance, as it may end up costing you more in the long run. If you`re unsure of what to do, it`s always a good idea to speak with a financial advisor who can help you navigate the world of student loan debt.