What is a student loan forbearance

what is a student loan forbearance

Types of Forbearance

Mandatory Forbearance

Mandatory Forbearance

This forbearance type is granted to borrowers who are enrolled in a medical or dental internship/residency or a member of the National Guard on active duty, and have either all or part of their student loans repaid by the Department of Defense.

How to Apply

  1. Complete, print and sign the Mandatory Forbearance (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans

P.O. Box 27020

Albuquerque, NM 87125-7020
  • Fax: (505) 345-7269 or (505) 341-9361
  • Note: The Mandatory Forbearance form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

    Loan Debt Burden Forbearance

    Loan Debt Burden Forbearance

    This forbearance type is granted to borrowers who have excessive student loan debt burden which consist of Federal Student loan payments that are greater than or equal to 20 percent of the borrower's monthly gross income.

    How to Apply

    1. Complete, print and sign the Loan Debt Burden Forbearance (PDF) form.
    2. Provide all documentation requested.
    3. Send the completed form to the following address or fax.
    4. New Mexico Student Loans
    Albuquerque, NM 87125-7020

  • Fax: (505) 345-7269 or (505) 341-9361
  • Note: The Loan Debt Burden Forbearance form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

    Teacher Loan Forgiveness Forbearance

    Teacher Loan Forgiveness Forbearance

    This forbearance type is granted to borrowers who perform the qualifying teacher service for the federal loan forgiveness program.

    How to Apply

    1. Complete, print and sign the Teacher Loan Forgiveness Forbearance (PDF) form.
    2. Provide all documentation requested.
    3. Send the completed form to the following address or fax.
    4. New Mexico Student Loans

    Note: The Teacher Loan Forgiveness Forbearance form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

    Other Options

    Please contact New Mexico Student Loans immediately if you are having trouble making your student loan payment. If you do not qualify for a forbearance, you may be able to change your loan repayment plan. There may be a repayment plan that offers lower payments than you're currently making.

    This link will take you to an external website. New Mexico Student Loans is not responsible for that site's content.

    Source: www.nmstudentloans.org

    Category: Credit

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