Nursing Faculty Loan Services

Forbearance

Under extraordinary circumstances such as illness, unemployment, or other personal hardship, a borrower’s ability to make the monthly loan payments may be affected. In these situations, a borrower may apply for forbearance for up to 6 months at a time and cannot be granted more than 2 forbearances during the life of the loan without prior approval from Health and Human Services.

During a period of forbearance, repayment of principal is suspended. However, monthly interest will continue to accrue but is not due during this time period. The borrower will receive a monthly statement reflecting the monthly interest accrual during the forbearance period. The borrower may choose to pay the interest monthly or wait until the end of the forbearance period.

To apply, download the forbearance form, complete it, sign it, and return it to our office with documentation supporting your financial situation. For example, financial hardship will require copies of monthly bills. Hardship due to illness will require additional documentation from your physician.