Get the free Forbearance Request Form

This form is used to apply for forbearance through the Higher Education Servicing Corporation (HESC) for eligible loans, allowing temporary relief from payments under specific circumstances.

How to fill out forbearance request form

How to fill out Forbearance Request Form

1. Obtain the Forbearance Request Form from your lender's website or by contacting customer service.
2. Fill in your personal information, including your name, address, and account number.
3. Indicate the type of loan for which you are requesting forbearance.
4. Specify the reason for your forbearance request, such as financial hardship, job loss, or medical expenses.
5. Provide any required documentation to support your request, like pay stubs or a termination letter.
6. Review the form for accuracy and completeness.
7. Sign and date the form before submitting it to your lender via the specified method (mail, email, or online submission).
8. Follow up with your lender to confirm receipt of your request and to check on its status.

Who needs Forbearance Request Form?

1. Homeowners facing temporary financial difficulties who are unable to make their mortgage payments.
2. Borrowers who have experienced job loss or reduced income due to unforeseen circumstances.
3. Individuals undergoing medical treatment that affects their financial situation.
4. Students or graduates facing financial strain in repaying student loans.

People Also Ask about

What is a letter of forbearance?

A forbearance letter is part of a restructured agreement that acknowledges the lender's right to enforce upon its security but will hold off for a period from doing so if the lender agrees to meet new terms and conditions. The purpose of a forbearance agreement is to allow the borrower an opportunity to restructure.

How do you ask for forbearance?

There are multiple ways to apply for a forbearance or deferment. Online — You may be able to apply for certain forbearances and deferments on your servicer's website. Find your loan servicer. Mail or Email — To apply by mail or email, you must. Phone — Contact your loan servicer if you are experiencing financial hardship.

What are the two types of forbearance?

There are two types of forbearance: general and mandatory. Interest on your loans continues to accumulate while in forbearance.

What is the purpose of forbearance?

Yes forbearance is safe. No interest is accruing and no payments are due. Everything is in limbo until they can figure it out in court. Now is an opportunity to save and plan or make payments at the principal balance.

What is a general forbearance request?

For this reason, a general forbearance is sometimes called a “discretionary forbearance.” You can request a general forbearance if you are temporarily unable to make your scheduled monthly loan payments for the following reasons: Financial difficulties. Medical expenses. Change in employment.

Is forbearance good or bad?

If you're pursuing loan forgiveness, any period of deferment or forbearance may not count toward your forgiveness requirements. This means you'll stop making progress toward forgiveness until you resume repayment.

What is a forbearance letter?

In summary, a Forbearance Letter is a formal request from a borrower to a lender asking for temporary relief from loan payments due to financial hardship. It details the borrower's situation, the specific terms of forbearance being requested, and a plan for resuming payments.

For pdfFiller’s FAQs

What is Forbearance Request Form?

The Forbearance Request Form is a document used by borrowers to request a temporary reduction or suspension of their loan payments due to financial hardship.

Who is required to file Forbearance Request Form?

Borrowers who are facing financial difficulties and need temporary relief from their loan obligations are required to file the Forbearance Request Form.

How to fill out Forbearance Request Form?

To fill out the Forbearance Request Form, borrowers should provide their personal information, loan details, reasons for requesting forbearance, and any supporting documentation related to their financial situation.

What is the purpose of Forbearance Request Form?

The purpose of the Forbearance Request Form is to formally notify the lender of the borrower's financial challenges and to request a temporary pause or reduction of loan payments.

What information must be reported on Forbearance Request Form?

The Forbearance Request Form must include the borrower's name, contact information, loan number, details of financial hardship, and any relevant supporting documentation, such as income statements or job loss notices.