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Under certain conditions, you can receive a “deferment” or
“forbearance” on loans administered by Emory University as long as
they are not in default. During a deferment, you are allowed to
temporarily postpone payments and in most cases without interest
accrual. Deferments are not automatic. You must apply for one through
Student Financial Services using a request form (see forms link). If
you temporarily can’t meet your repayment schedule but aren’t eligible
for a deferment, you can receive a forbearance for a specific period.
During forbearance, your payments are postponed or reduced, or your
repayment period may be extended. Interest continues to accrue,
however, and you are responsible for paying it. Forbearance isn’t
automatic either. You must apply in writing and must show why you
should be granted forbearance.
You must continue making scheduled payments until the school notifies
you that your deferment or forbearance has been granted. Otherwise,
you could become delinquent or go into default.
A Perkins Loan and most Emory loans can be cancelled if the borrower
dies or becomes totally and permanently disabled. Some loans (i.e.
Perkins, Nursing) can qualify for ‘cancellation’ under other specific
conditions. Teaching in a federally approved shortage area or
practicing as a nurse in a shortage area may qualify for partial
repayment. You’re promissory note will detail the cancellation clauses
for your specific loan. You can also consult the federal Student Guide
for an expanded explanation.
http://studentaid.ed.gov/students/publications/student_guide/index.html
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