what is forbearance student loan

Forbearance is a temporary relief option that allows borrowers to temporarily stop making payments or reduce their monthly payments for a limited period of time. During forbearance, interest continues to accrue on all types of federal student loans, including subsidized loans, unsubsidized loans, and PLUS loans. Forbearance is typically granted to borrowers who are experiencing financial hardship, medical expenses, or other circumstances that make it difficult to make their monthly payments. It is important to note that forbearance is not a forgiveness program, and the borrower is still responsible for paying back the loan with interest. Borrowers can apply for forbearance through their loan servicer, and the lender may require valid proof of financial hardship and other financial information when the borrower applies.