"General Forbearance Request"

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GENERAL FORBEARANCE REQUEST
OMB No. 1845-0031
Form Approved
William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family
Exp. Date 02/28/2022
Education Loan (FFEL) Program / Federal Perkins Loan (Perkins Loan) Program
WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on
any accompanying document is subject to penalties that may include fines, imprisonment, or both, under
GFB
the U.S. Criminal Code and 20 U.S.C. 1097.
SECTION 1: BORROWER INFORMATION
Please enter or correct the following information.
Check this box if any of your information has changed.
SSN
Name
Address
State
City
Zip Code
Telephone - Primary
Telephone - Alternate
Email (Optional)
SECTION 2: FORBEARANCE REQUEST
Carefully read the entire form before completing it. Answer all questions in Section 2. Your loan holder has sole
discretion in whether to grant your general forbearance request, and, if granted, for what period your forbearance
will be applied. Instead of forbearance, consider requesting a deferment (which has an interest benefit
for some loan types) or changing to a repayment plan that determines your monthly payment amount based on your
income. Visit
StudentAid.gov/IDR
for more information.
1. I am requesting a forbearance because I am
2. If approved for a forbearance, I would like to:
experiencing a temporary hardship related to one of
Temporarily stop making payments.
the following situations (check one):
Temporarily make smaller payments of
Financial difficulties
per month.
Change in employment
3. I would like my forbearance to begin with the
Medical expenses
monthly payment that is due in the month and year
Other (explain the situation below)
below:
4. If approved for forbearance, I would like my
forbearance to end in the month and year below,
and begin making payments the following month:
Page 1 of 4
GENERAL FORBEARANCE REQUEST
OMB No. 1845-0031
Form Approved
William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family
Exp. Date 02/28/2022
Education Loan (FFEL) Program / Federal Perkins Loan (Perkins Loan) Program
WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on
any accompanying document is subject to penalties that may include fines, imprisonment, or both, under
GFB
the U.S. Criminal Code and 20 U.S.C. 1097.
SECTION 1: BORROWER INFORMATION
Please enter or correct the following information.
Check this box if any of your information has changed.
SSN
Name
Address
State
City
Zip Code
Telephone - Primary
Telephone - Alternate
Email (Optional)
SECTION 2: FORBEARANCE REQUEST
Carefully read the entire form before completing it. Answer all questions in Section 2. Your loan holder has sole
discretion in whether to grant your general forbearance request, and, if granted, for what period your forbearance
will be applied. Instead of forbearance, consider requesting a deferment (which has an interest benefit
for some loan types) or changing to a repayment plan that determines your monthly payment amount based on your
income. Visit
StudentAid.gov/IDR
for more information.
1. I am requesting a forbearance because I am
2. If approved for a forbearance, I would like to:
experiencing a temporary hardship related to one of
Temporarily stop making payments.
the following situations (check one):
Temporarily make smaller payments of
Financial difficulties
per month.
Change in employment
3. I would like my forbearance to begin with the
Medical expenses
monthly payment that is due in the month and year
Other (explain the situation below)
below:
4. If approved for forbearance, I would like my
forbearance to end in the month and year below,
and begin making payments the following month:
Page 1 of 4
Borrower Name
Borrower SSN
SECTION 3: BORROWER/ENDORSER UNDERSTANDINGS, CERTIFICATIONS, AND AUTHORIZATION
I understand that:
• I am not required to make payments of loan principal or interest during my forbearance, but interest will continue to
be charged on all my loans.
• Interest may capitalize on my loans during or at the expiration of my forbearance, but interest never capitalizes on
Perkins Loans. Interest capitalization usually increases the amount of interest I will pay, and may increase my monthly
payment.
• My loan holder has sole discretion in whether to grant my general forbearance request and for what dates it will be
granted.
• For Perkins Loans, there is a cumulative limit on general forbearance of 3 years. For Direct Loans and FFEL Program
loans, my loan holder may set a limit on general forbearance.
• My forbearance will end on the earlier of the end date that I requested, 12 months from the date my forbearance
begins, or when I exhaust any limit that my loan holder has on forbearance.
• I can request another forbearance after my forbearance ends if I am still experiencing financial hardship.
Any payment I make during forbearance will not count towards forgiveness under income-driven repayment plans or
Public Service Loan Forgiveness.
I certify that:
• The information I have provided on this form is true and correct.
• I will provide additional documentation to my loan holder, if requested, to support my general forbearance request.
• I will repay my loans according to the terms of my promissory note, even if my request is not granted.
I authorize the entity to which I submit this request and its agents to contact me regarding my request or my loans at any
cellular telephone number that I provide now or in the future using automated telephone dialing equipment or artificial or
prerecorded voice or text messages.
Date
Borrower's/Endorser's Signature
SECTION 4: INSTRUCTIONS FOR COMPLETING THE FORBEARANCE REQUEST
Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy) or (mm-yyyy) as appropriate. Example: March 14,
2019 = 03-14-2019. Include your name and account number on any documentation that you may be requested to submit
with this form. If you want to apply for a forbearance on loans that are held by different loan holders, you must submit a
separate forbearance request to each loan holder. Return the completed form and any requested documentation to the
address shown in Section 6.
If you are an endorser, you may request forbearance only when you are required to repay the loan because the borrower is
not making payments. If you have a loan made jointly with another borrower (as co-makers), you must both individually meet
the requirements for a forbearance and each of you must request forbearance.
Page 2 of 4
SECTION 5: DEFINITIONS
Capitalization is the addition of unpaid interest to the
A forbearance is a period during which you are allowed
principal balance of your loan. Capitalization causes more
to postpone making payments temporarily, allowed an
interest to accrue over the life of your loan and may cause
extension of time for making payments, or temporarily
your monthly payment amount to increase. Interest never
allowed to make smaller payments than scheduled. A
capitalizes on Perkins Loans. Table 1 (below) provides an
forbearance can be a mandatory forbearance, meaning that
example of the monthly payments and the total amount
your loan holder must grant the forbearance if you qualify
repaid for a $30,000 unsubsidized loan. The example loan
for the forbearance and supply all supporting
has a 6% interest rate and the example deferment or
documentation. A forbearance can also be a discretionary
forbearance lasts for 12 months and begins when the loan
forbearance, meaning that your loan holder may grant the
forbearance, but is not required to do so.
entered repayment. The example compares the effects of
The holder of your Direct Loans is the Department. The
paying the interest as it accrues or allowing it to be
capitalized.
holder of your FFEL Program loans may be a lender,
A co-maker is one of the two individuals who are joint
guaranty agency, secondary market, or the Department. The
borrowers on a Direct or Federal Consolidation Loan or a
holder of your Perkins Loans is an institution of higher
Federal PLUS Loan. Both co-makers are equally responsible
education or the Department. Your loan holder may use a
for repaying the full amount of the loan.
servicer to handle billing and other communications related
A deferment is a period during which you are entitled
to your loans. References to “your loan holder” on this form
to postpone repayment of your loans. Interest is not
mean either your loan holder or your servicer.
A subsidized loan is a Direct Subsidized Loan, a Direct
generally charged to you during a deferment on your
subsidized loans. Interest is always charged to you during a
Subsidized Consolidation Loan, a Federal Subsidized
deferment on your unsubsidized loans. On loans made
Stafford Loan, portions of some Federal Consolidation
under the Perkins Loan Program, all deferments are
Loans, Federal Perkins Loans, NDSL, and Defense Loans.
followed by a post-deferment grace period of 6 months,
An unsubsidized loan is a Direct Unsubsidized Loan, a
during which time you are not required to make payments.
Direct Unsubsidized Consolidation Loan, a Direct PLUS
An endorser is an individual who signs a promissory
Loan, a Federal Unsubsidized Stafford Loan, a Federal PLUS
note and agrees to pay the loan if the borrower does not.
Loan, a Federal SLS, and portions of some Federal
The Federal Family Education Loan (FFEL) Program
Consolidation Loans.
includes Federal Stafford Loans, Federal PLUS Loans, Federal
The William D. Ford Federal Direct Loan (Direct Loan)
Consolidation Loans, and Federal Supplemental Loans for
Program includes Federal Direct Stafford/Ford (Direct
Students (SLS).
Subsidized) Loans, Federal Direct Unsubsidized Stafford/
The Federal Perkins Loan (Perkins Loan) Program
Ford (Direct Unsubsidized) Loans, Federal Direct PLUS
includes Federal Perkins Loans, National Direct Student
(Direct PLUS) Loans, and Federal Direct Consolidation
Loans (NDSL), and National Defense Student Loans (Defense
(Direct Consolidation) Loans.
Loans).
Table 1. Capitalization Chart
Treatment of Interest with
Loan Amount Capitalized
Outstanding
Monthly
Number of
Total Repaid
Deferment/Forbearance
Interest
Principal
Payment
Payments
Interest is paid
$30,000
$0
$30,000
$333
120
$41,767
Interest is capitalized at the
$30,000
$1,800
$31,800
$353
120
$42,365
end
Interest is capitalized
$30,000
$1,841
$31,841
$354
120
$42,420
quarterly and at the end
SECTION 6: WHERE TO SEND THE COMPLETED FORBEARANCE REQUEST
Return the completed form and any documentation to:
If you need help completing this form, call:
(If no address is shown, return to your loan holder.)
(If no telephone number is shown, call your loan holder.)
Page 3 of 4
SECTION 7: IMPORTANT NOTICES
Privacy Act Notice. The Privacy Act of 1974 (5 U.S.C.
To assist program administrators with tracking refunds
552a) requires that the following notice be provided to you:
and cancellations, disclosures may be made to guaranty
agencies, to financial and educational institutions, or to
The authorities for collecting the requested information
federal or state agencies. To provide a standardized method
from and about you are §421 et seq., §451 et seq., or §461 of
for educational institutions to efficiently submit student
the Higher Education Act of 1965, as amended (20 U.S.C.
enrollment statuses, disclosures may be made to guaranty
1071 et seq., 20 U.S.C. 1087a et seq., or 20 U.S.C. 1087aa et
agencies or to financial and educational institutions. To
seq.) and the authorities for collecting and using your Social
counsel you in repayment efforts, disclosures may be made
Security Number (SSN) are §§428B(f) and 484(a)(4) of the
to guaranty agencies, to financial and educational
HEA (20 U.S.C. 1078-2(f) and 1091(a)(4)) and 31 U.S.C.
institutions, or to federal, state, or local agencies.
7701(b). Participating in the William D. Ford Federal Direct
Loan (Direct Loan) Program, Federal Family Education Loan
In the event of litigation, we may send records to the
(FFEL) Program, or Federal Perkins Loan (Perkins Loan)
Department of Justice, a court, adjudicative body, counsel,
Program and giving us your SSN are voluntary, but you must
party, or witness if the disclosure is relevant and necessary
provide the requested information, including your SSN, to
to the litigation. If this information, either alone or with
participate.
other information, indicates a potential violation of law, we
may send it to the appropriate authority for action. We may
The principal purposes for collecting the information on
send information to members of Congress if you ask them
this form, including your SSN, are to verify your identity, to
to help you with federal student aid questions. In
determine your eligibility to receive a loan or a benefit on a
circumstances involving employment complaints,
loan (such as a deferment, forbearance, discharge, or
grievances, or disciplinary actions, we may disclose relevant
forgiveness) under the Direct Loan, FFEL, or Federal Perkins
records to adjudicate or investigate the issues. If provided
Loan Programs, to permit the servicing of your loans, and, if
for by a collective bargaining agreement, we may disclose
it becomes necessary, to locate you and to collect and
records to a labor organization recognized under 5 U.S.C.
report on your loans if your loans become delinquent or
Chapter 71. Disclosures may be made to our contractors for
default. We also use your SSN as an account identifier and to
the purpose of performing any programmatic function that
permit you to access your account information
requires disclosure of records. Before making any such
electronically.
disclosure, we will require the contractor to maintain Privacy
The information in your file may be disclosed, on a
Act safeguards. Disclosures may also be made to qualified
case-by-case basis or under a computer matching program,
researchers under Privacy Act safeguards.
to third parties as authorized under routine uses in the
Paperwork Reduction Notice. According to the
appropriate systems of records notices. The routine uses of
Paperwork Reduction Act of 1995, no persons are required
this information include, but are not limited to, its disclosure
to respond to a collection of information unless such
to federal, state, or local agencies, to private parties such as
collection displays a valid OMB control number. The valid
relatives, present and former employers, business and
OMB control number for this information collection is
personal associates, to consumer reporting agencies, to
1845-0031. Public reporting burden for this collection of
financial and educational institutions, and to guaranty
information is estimated to average 5 minutes per response,
agencies in order to verify your identity, to determine your
including time for reviewing instructions, searching existing
eligibility to receive a loan or a benefit on a loan, to permit
data sources, gathering and maintaining the data needed,
the servicing or collection of your loans, to enforce the
and completing and reviewing the collection of information.
terms of the loans, to investigate possible fraud and to verify
The obligation to respond to this collection is required to
compliance with federal student financial aid program
obtain a benefit in accordance with 34 CFR 674.33, 682.211,
regulations, or to locate you if you become delinquent in
and 685.205. If you have comments or concerns regarding
your loan payments or if you default. To provide default rate
the status of your individual submission of this form, please
calculations, disclosures may be made to guaranty agencies,
contact your loan holder directly (see Section 6).
to financial and educational institutions, or to state
agencies. To provide financial aid history information,
disclosures may be made to educational institutions.
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