Deferment & Forbearance
A deferment is when the lender/servicer grants a temporary suspension of monthly payments.
Qualifications for Deferment:
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- Unemployed or working less than 30 hours a week
- Enrolled in school full-time or half-time
- Temporarily disabled
- In graduate school
- In an internship/residency program
- Having an economic hardship (a deferment for borrowers who earn less than minimum wage or exceed a federally defined debt-to-income ratio. A borrower may also be eligible if he or she is receiving state of federal aid or is a Peace Corps volunteer)
- In the military or providing a public service
- Teaching in a teacher-shortage area
- In a rehabilitation training program
- Pregnant or caring for a newborn
- Monthly student loan payments equal to or exceeding 20% of your gross monthly income
Deferment forms |
Forbearance is a temporary suspension of monthly payments
that is granted under certain circumstances by your lender/servicer. You'll still be responsible for paying the interest
that's accrued, so it's always smarter to try and get a deferment first.
Qualifications for Forbearance:
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- Qualified under the Student Loan Repayment Program administered by the U.S. Department of Defense
- A mobilized member of the National Guard or Reserves experiencing temporary and unexpected financial hardship
- Currently serves in a National and Community Service position (AmeriCorps)
- Internship or Residency
- Temporary Hardship
Forbearance form |
If you've already defaulted...
Contact the AES Default Collections department at 1-800-328-0355.
Default Prevention Loan Counselors are available:
- Monday through Thursday - 8:00 AM to 9:00 PM (ET)
- Friday - 8:00 AM to 7:00 PM (ET)
- Saturday - 8:00 AM to Noon (ET)
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