Student Financial Services

Loan Deferments, Forbearance & Cancellations

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 cant meet your repayment schedule but arent 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 isnt 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. Youre 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