Forbearance Request Form Federal Family Education Loan Program
Transcription
Forbearance Request Form Federal Family Education Loan Program
Forbearance Request Form Federal Family Education Loan Program Please read entire form before signing. The Federal Family Education Loan Program includes Federal Stafford Loans (both subsidized and unsubsidized), Federal Supplemental Loans for Students (SLS), Federal PLUS Loans and Federal Consolidation Loans. Section 1: Borrower Information Account Number: Name: Email Address (optional): Address: City: State: Telephone (primary): Telephone (alternate): ZIP: Section 2: Forbearance Type Requested In-School Forbearance (The dependent student for whom you received a PLUS Loan attends a Title IV school at least half time.) • Enter the required information below. Student’s Name: School of Attendance: Dates of Attendance: Grace Forbearance (Align the repayment of your Federal Consolidation Loan or a Federal PLUS Loan disbursed before July 1, 2008, with federal loan(s) that have a six-month grace period or postenrollment deferment period.) • Granted for a period not to exceed six months. Temporary Hardship (You intend to repay your loan(s); however, you are unable to make the minimum monthly installment payment on the loan(s) due to financial difficulty.) • Granted in one-month increments to either bring your account current or delay your next payment. Section 3: Additional Information Comaker Information If there is a comaker on the loan(s) for which you are requesting forbearance, the comaker must apply for and be eligible for the same or different forbearance type during the same period of time in order for you to obtain forbearance. If the comaker is applying for the same forbearance type, one form may be used as long as both signatures are present. If the comaker is applying for a different forbearance type, two forms are required. Page 1 of 2 Revised June 2014 Auto-Debit Borrowers If you are currently using auto-debit and will not have the funds available for your next scheduled debit, call Iowa Student Loan at least five business days prior to your due date to have the next scheduled debit suspended. This should allow you time to submit your forbearance request. However, keep in mind that you are responsible for all of your monthly installments until your request for forbearance is approved. Explanation of Interest Capitalization Capitalization of interest is the addition of outstanding accrued interest to the current principal balance of the loan(s). Capitalization of interest results in a higher principal balance and additional finance charges over the course of repayment and may cause your minimum monthly payment amount to increase. Iowa Student Loan will automatically capitalize outstanding interest at the expiration of a forbearance period. However, while your account is in forbearance, you will receive notice of the amount of interest that has accrued on your loan(s). This notice will give you the opportunity to satisfy outstanding interest before capitalization. Section 4: Forbearance Agreement Acknowledge your agreement to the following statements by signing below. Although my situation at the present time is preventing me from making regularly scheduled payments, I intend and agree to repay my loan(s) according to the terms and conditions of my promissory note(s). Unless specified in Section 2, my forbearance may be granted for a period not to exceed 12 months. At the end of the forbearance, I may reapply for the forbearance if I meet the required conditions. During the forbearance period, I am responsible for the accrued interest on my loan(s). Any unpaid interest will be capitalized (added to the principal balance) when the forbearance ends. Payments will resume within 45 days of the forbearance end date. The exact amount of the monthly payments will be calculated in accordance with all applicable laws governing student loans. I understand that if I qualify for this forbearance, any period of delinquency prior to the requested forbearance on my federal loan(s) will be covered with an administrative forbearance; however, any negative reports that were submitted to the consumer reporting agencies will not be removed. I understand that should the situation under which I applied for this forbearance change, I must notify Iowa Student Loan. I authorize the school, the lender, the guarantor, the U.S. Department of Education and their respective agents and contractors to contact me regarding my loan(s), including repayment of my loan(s), at the current or any future number that I provide for my cellular phone or other wireless device using automated phone dialing equipment or artificial or prerecorded voice or text messages. I intend to repay my loan(s); however, I am unable to make the minimum monthly installment payment on my loan(s) due to financial difficulty. The information provided is true and correct to the best of my knowledge. Borrower’s Signature: Date: Comaker’s Signature: (If applicable. See Section 3.) Date: Return completed form to: Iowa Student Loan P.O. Box 659705 West Des Moines, IA 50265-0970 Phone: (800) 243-7552 Fax: (515) 223-9535 Page 2 of 2 Revised June 2014