Ascent Blog: Author: Ascent

What is EFC and What Does it Mean on FAFSA?
Sep 19, 2022 | By: Ascent
Categories: Blog, For Cosigners
Expected Family Contribution (EFC) determines how much financial aid you would receive based on your family's taxed and untaxed income,… Read More
What is FAFSA and How Does it Work?
Sep 15, 2022 | By: Ascent
Categories: Blog, For Students, For Cosigners, For High School Students
The Free Application for Federal Student Aid (FAFSA) is a form current and future students need to fill out to… Read More
What is a Coding Bootcamp and How Does It Work?
Sep 13, 2022 | By: Ascent
Categories: Blog, For High School Students, For Bootcamps
A coding bootcamp is an accelerated learning program for students to learn how to code in different programming languages. Learn… Read More
What’s the Difference Between Federal and Private Student Loans?
Federal and private student loans each have benefits and drawbacks. Learn more about what makes them different and more from… Read More
How to Pay for Graduate School
Jul 26, 2022 | By: Ascent
Categories: Blog, For Students, For Grad Students
Thinking of applying to grad school but don't know how to pay for it? Learn about the many ways to… Read More
10 Most Common Interview Questions for College Graduates
Jun 07, 2022 | By: Ascent
Categories: Blog, For Students, For College Students, For High School Students
Preparing for an interview as a college student? Launch yourself into your future career by following these tips on answering… Read More
Get ready: Ascent’s Summer of $1,000 Scholarships is Back
May 23, 2022 | By: Ascent
Categories: Blog, For Students, For Schools, News, For Bootcamps
For the fourth year in a row, students can enter for their chance to win a $1,000 scholarship this summer… Read More
The Micro Internship: a Virtual Experience with a Hands-On Outcome
Apr 27, 2022 | By: Ascent
Categories: Blog, For Students, For College Students, For High School Students
Explore our links throughout the blog to learn more about how you can find a micro-internship opportunity to expand your… Read More
7 Helpful Tips on How to Deal with Student Loans
Mar 29, 2022 | By: Ascent
Categories: For College Students, For Parents and Cosigners
From forbearance and deferment options to general debt management, if you’re having trouble making student loan payments check out these… Read More
What is Student Loan Forbearance?
Mar 18, 2022 | By: Ascent
Categories: Blog, For Students, For Cosigners
Ascent Funding explains what student loan forbearance is and what the pros and cons of forbearance are. Learn more and… Read More

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“@type”: “Question”,
“name”: “How does student loan forbearance work?”,
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“text”: “Student loan forbearance is an arrangement students can make with their student loan company that gives them the chance to pause payments on their student loans for a certain period.

Although your payments are on hold during the forbearance period, interest will continue to accrue on any federal direct loans. Your forbearance options may differ for private student loans, but we’ll review these options later in this blog.

In periods of forbearance, some borrowers choose to make interest-only payments during this time to help lower their overall loan balance. Making small payments every month, even in times of forbearance, can help you pay off your loan sooner, but we know this isn’t always an option for every student.

In many cases, you’ll have to request and apply for forbearance through your loan servicer (who you will make your student loan payments to). Additionally, there are different kinds of forbearances. The most common one is a general forbearance, which is granted under the following circumstances:

You have medical expenses.
You’re experiencing financial difficulties.
You’ve changed employers.
Forbearances can be granted in any other case, so it’s important to discuss your situation with your loan servicer and see your options. Your loan servicer can offer you a forbearance if they feel your situation warrants it.”
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“@type”: “Question”,
“name”: “When does student loan forbearance end?”,
“acceptedAnswer”: {
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“text”: “You can apply for student loan forbearance with some lenders for up to 12 months. For example, in some instances, you may be able to apply for a 3-month forbearance period, then later apply for more forbearance in the future, as long as you don’t exceed the 12-month limit. For students with Ascent’s college loans, you can apply for up to 24 months of Temporary Hardship Forbearance in 1 to 3-month increments.

In some cases, forbearances are granted under serious circumstances. Due to the pandemic, President Biden has repeatedly placed forbearances on federally serviced student loans under the CARES Act, which pauses payments on federal loans until May 1, 2022. Ascent also offers a Natural Disaster/Declared Emergency Forbearance, which allows students to pause payments for up to 3 months in times of natural disasters or global emergencies like the COVID-19 pandemic.  

While COVID-19 remains a worldwide threat, the President may offer other forbearances in the future. But you may want to start making plans — or individual deferment or forbearance plans — as soon as you can.”
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