How do you put your nelnet loan in forbearance?

Answer 1

= Forbearances =

A customer who is willing but unable to make payments, and does not meet the qualifications for a deferment, may request forbearance. Forbearance will allow a customer to temporarily postpone their payment for a specified period of time, not to ­exceed 12 months per request. While the forbearance will eliminate any delinquency that currently exists on the account, it will not reverse any derogatory credit information previously reported. There are no fees assessed for obtaining a forbearance; however, interest will continue to accrue on your loan(s) during the forbearance period. Interest payments may be made at any time during the forbearance period. Any unpaid interest at the end of the forbearance period will be capitalized (added to the principal balance). The capitalization of interest will increase the amount that must be repaid and may result in an increased monthly payment amount. Our online calculator can help you estimate the amount of interest that will accrue during your forbearance period. The following provide brief descriptions of the available forbearances: * Hardship-This type of forbearance is available to customers who are unable to make payments due to financial difficulties or other personal issues temporarily affecting their ability to make payments. * Engaged in an Internship/Residency Program-Customers may postpone payments if they are engaged in an internship or residency program. A customer must provide a statement from a certified program official verifying begin and end dates of program participation. * Excessive Student Loan Debt Burden-This forbearance is available to customers whose monthly student loan payments are greater than, or equal to, 20% of their monthly gross income. This forbearance type has a cumulative limit of 36 months and requires the customer to provide proof of their gross monthly income as well as any payments due on their student loans not serviced by Nelnet. * Department of Defense Repayment-This forbearance is available to customers who are performing a type of service that would qualify them for partial repayment of their loan under the Department of Defense Loan Repayment Program. * Incarceration-This forbearance is available to individuals who have been incarcerated and are scheduled to be released within the next two years. Click here to apply for forbearance online. If you do not wish to apply online or would like to speak to us regarding your specific situation, you may contact us to speak to a knowledgeable advisor.