Form Forbearance PDF Details

Form forbearance is a tool that the Internal Revenue Service (IRS) provides to help taxpayers experiencing financial difficulty. This type of forbearance allows you to delay or stop making payments on your tax debt for a specific period of time. During this time, the IRS will not charge any interest or penalties on the amount you owe. However, form forbearance does not eliminate your tax debt, and interest and penalties will continue to accumulate if you do not pay the full amount when the forbearance period ends. To find out if form forbearance is right for you, contact the IRS at 1-800-829-1040.

QuestionAnswer
Form NameForm Forbearance
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesrequest loan debt, form forbearance pdf, request debt burden, ldbfb mandatory download

Form Preview Example

3. Multiply the amount in Item 2 by 20% (0.20):
4. What is the total amount of your monthly payments on all of your Title IV loans? (See Section 5)
You must attach documentation of your most recent monthly payments due on each of your Title IV loans, such as a monthly statement or repayment schedule.
5. Is the amount reported in Item 4 equal to or greater than the amount calculated in Item 3?
Yes - Continue to Section 3.
No - You are not eligible for this forbearance.

 

MANDATORY FORBEARANCE REQUEST

OMB No. 1845-0018

 

STUDENT LOAN DEBT BURDEN

Form Approved

 

Exp. Date 8/31/2021

 

William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family

 

 

 

Education Loan (FFEL) Program / Federal Perkins Loan (Perkins Loan) Program

 

SLDB

WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on

 

any accompanying document is subject to penalties that may include fines, imprisonment, or both, under

 

the U.S. Criminal Code and 20 U.S.C. 1097.

 

SECTION 1: BORROWER INFORMATION

Please enter or correct the following information.

Check this box if any of your information has changed.

SSN

Name

 

 

 

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City

 

State

 

Zip Code

 

 

 

 

 

 

 

Telephone - Primary

 

 

 

 

 

 

 

 

 

 

 

 

Telephone - Alternate

 

 

 

 

 

 

 

 

 

 

 

 

Email (Optional)

 

 

 

 

 

 

 

 

 

 

 

 

SECTION 2: BORROWER DETERMINATION OF FORBEARANCE ELIGIBILITY

Carefully read the entire form before completing it. Complete Section 2 in its entirety. Maximum eligibility is 36 months. As an alternative to this forbearance, you may qualify for a deferment or for a repayment plan that set your payment amount based on your income. Visit StudentAid.gov/IDR for more information on repayment plans based on income.

1. Do you currently have taxable income?

Check "No" if you do not have any income or only receive untaxed income.

Yes - Continue to Item 2.

No - Skip to Section 3.

2. What is your total monthly taxable income?

Attach documentation of your monthly income, such as a tax return, W-2s, paystubs, or dividend statements. Monthly income is either (you choose):

• Your gross taxable income from all sources or;

• One-twelfth of the Adjusted Gross Income from your most recent federal income tax return.

Page 1 of 4

Borrower Name

 

Borrower SSN

 

 

 

SECTION 3: BORROWER REQUESTS, UNDERSTANDINGS, CERTIFICATIONS, AND AUTHORIZATION

Irequest:

•My loan holder grant forbearance for the period during which I meet the qualifications for the forbearance. If approved for a forbearance, I would like to:

 

Temporarily stop making payments; or

 

 

 

 

 

 

Make smaller payments in the amount of

 

per month.

 

 

•

My forbearance begin on the following date:

 

 

 

 

 

 

 

.

 

 

•

My loan holder grant my forbearance for up to 12 months unless I specify an earlier end date:

.

•

If checked, to make interest payments on my loans during forbearance.

 

 

Iunderstand:

•I am not required to make payments of loan principal or interest during forbearance.

•My forbearance will begin on the later of the date my loan holder determines or the date I requested.

•My loan holder may grant me a forbearance while processing my form or to cover any period of delinquency that exists when I submit my form.

•My forbearance will end on the earlier of the date I exhaust my maximum eligibility for the forbearance, 12 months from the date my forbearance begins, on the date I am no longer eligible for the forbearance, or the end date I requested.

•My forbearance will only be granted in increments of up to 12 months, and I must reapply for the forbearance if I continue to meet the eligibility requirements and want to extend my forbearance.

•Interest may capitalize on my loans during or at the expiration of my forbearance, but interest never capitalizes on Perkins Loans.

•If I do not qualify for this forbearance, my loan holder may apply a discretionary forbearance for the same period if I am eligible.

I certify that:

•The information I have provided on this form is true and correct.

•I will provide additional documentation to my loan holder, as required, to support my forbearance eligibility.

•I will notify my loan holder immediately when my eligibility for the forbearance ends.

•I have read, understand, and meet the eligibility requirements in Section 2.

I authorize the entity to which I submit this request and its agents to contact me regarding my request or my loans at any cellular telephone number that I provide now or in the future using automated telephone dialing equipment or artificial prerecorded voice or text messages.

Borrower's or Endorser's Signature

 

Date

 

 

 

SECTION 4: INSTRUCTIONS FOR COMPLETING THE FORM

Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Example: March 14, 2019 = 03-14-2019. Include your name and account number on any documentation that you submit with this form. If you want to apply for a forbearance on loans that are held by different loan holders, you must submit a separate forbearance request to each loan holder. Return the completed form and any required documentation to the address shown in Section 6.

Endorsers may request forbearance only when you are required to repay the loan because the borrower is not making payments. For those who have loans made jointly (as co-makers), both borrowers must individually meet the requirements for a forbearance and each of you must submit a separate forbearance request.

Page 2 of 4

SECTION 5: DEFINITIONS

 

Title IV loans are student loans that you received

An endorser is an individual who signs a promissory

under the Direct Loan Program, the FFEL Program, and

note and agrees to pay the loan if the borrower does not.

the Perkins Loan Program.

 

 

 

A forbearance is a period during which you are

 

 

 

 

 

 

 

The William D. Ford Federal Direct Loan (Direct

allowed to postpone making payments temporarily,

Loan) Program includes Federal Direct Stafford/Ford

allowed an extension of time for making payments, or

(Direct Subsidized) Loans, Federal Direct Unsubsidized

temporarily allowed to make smaller payments than

Stafford/Ford (Direct Unsubsidized) Loans, Federal Direct

scheduled. A forbearance can be a mandatory

PLUS (Direct PLUS) Loans, and Federal Direct

 

forbearance, meaning that your loan holder must grant

Consolidation (Direct Consolidation) Loans.

 

the forbearance if you qualify for the forbearance and

 

The Federal Family Education Loan (FFEL) Program

supply all supporting documentation. A forbearance can

includes Federal Stafford Loans, Federal PLUS Loans,

also be a discretionary forbearance, meaning that your

Federal Consolidation Loans, and Federal Supplemental

loan holder may grant the forbearance, but is not required

Loans for Students (SLS).

 

 

 

to do so.

 

 

 

 

 

The Federal Perkins Loan (Perkins Loan) Program

The holder of your Direct Loans is the Department. The

includes Federal Perkins Loans, National Direct Student

holder of your FFEL Program loans may be a lender,

Loans (NDSL), and National Defense Student Loans

guaranty agency, secondary market, or the Department.

(Defense Loan).

 

 

 

The holder of your Perkins Loans is an institution of higher

 

Capitalization is the addition of unpaid interest to the

education or the Department. Your loan holder may use a

principal balance of your loan. Capitalization causes more

servicer to handle billing and other communications

interest to accrue over the life of your loan and may cause

related to your loans. References to “your loan holder” on

your monthly payment amount to increase. Interest never

this form mean either your loan holder or your servicer.

capitalizes on Perkins Loans. Table 1 (below) provides an

A subsidized loan is a Direct Subsidized Loan, a Direct

example of the monthly payments and the total amount

Subsidized Consolidation Loan, a Federal Subsidized

repaid for a $30,000 unsubsidized loan. The example loan

Stafford Loan, and portions of some Federal Consolidation

has a 6% interest rate and the example deferment or

Loans.

 

 

 

 

forbearance lasts for 12 months and begins when the loan

 

 

 

 

An unsubsidized loan is a Direct Unsubsidized Loan, a

entered repayment. The example compares the effects of

Direct Unsubsidized Consolidation Loan, a Direct PLUS

paying the interest as it accrues or allowing it to capitalize.

Loan, a Federal Unsubsidized Stafford Loan, a Federal

 

A co-maker is one of the two individuals who are joint

 

PLUS Loan, a Federal SLS, and portions of some Federal

borrowers on a Direct or Federal Consolidation Loan or a

Consolidation Loans.

 

 

 

Federal PLUS Loan. Both co-makers are equally

 

 

 

 

 

 

 

 

 

 

responsible for repaying the full amount of the loan.

 

 

 

 

 

Table 1. Capitalization Chart.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treatment of Interest with

 

Loan Amount

 

Capitalized

Outstanding

Monthly

Number of

Total Repaid

 

 

Deferment/Forbearance

 

 

Interest

Principal

Payment

Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest is paid

 

$30,000

 

$0

$30,000

$333

120

$41,767

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest is capitalized at the

 

$30,000

 

$1,800

$31,800

$353

120

$42,365

 

 

end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest is capitalized

 

$30,000

 

$1,841

$31,841

$354

120

$42,420

 

 

quarterly and at the end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SECTION 6: WHERE TO SEND THE COMPLETED FORBEARANCE REQUEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return the completed form and any documentation to: (If no address is shown, return to your loan holder.)

If you need help completing this form, call:

(If no phone number is shown, call your loan holder.)

Page 3 of 4

SECTION 7: IMPORTANT NOTICES

Privacy Act Notice. The Privacy Act of 1974 (5 U.S.C.

To assist program administrators with tracking refunds

552a) requires that the following notice be provided to you:

and cancellations, disclosures may be made to guaranty

The authorities for collecting the requested information

agencies, to financial and educational institutions, or to

federal or state agencies. To provide a standardized method

from and about you are §421 et seq., §451 et seq., or §461 of

for educational institutions to efficiently submit student

the Higher Education Act of 1965, as amended (20 U.S.C.

enrollment statuses, disclosures may be made to guaranty

1071 et seq., 20 U.S.C. 1087a et seq., or 20 U.S.C. 1087aa et

agencies or to financial and educational institutions. To

seq.) and the authorities for collecting and using your Social

counsel you in repayment efforts, disclosures may be made

Security Number (SSN) are §§428B(f) and 484(a)(4) of the

to guaranty agencies, to financial and educational

HEA (20 U.S.C. 1078-2(f) and 1091(a)(4)) and 31 U.S.C.

institutions, or to federal, state, or local agencies.

7701(b). Participating in the William D. Ford Federal Direct

 

Loan (Direct Loan) Program, Federal Family Education Loan

In the event of litigation, we may send records to the

(FFEL) Program, or Federal Perkins Loan (Perkins Loan)

Department of Justice, a court, adjudicative body, counsel,

Program and giving us your SSN are voluntary, but you must

party, or witness if the disclosure is relevant and necessary

provide the requested information, including your SSN, to

to the litigation. If this information, either alone or with

participate.

other information, indicates a potential violation of law, we

The principal purposes for collecting the information on

may send it to the appropriate authority for action. We may

send information to members of Congress if you ask them

this form, including your SSN, are to verify your identity, to

to help you with federal student aid questions. In

determine your eligibility to receive a loan or a benefit on a

circumstances involving employment complaints,

loan (such as a deferment, forbearance, discharge, or

grievances, or disciplinary actions, we may disclose relevant

forgiveness) under the Direct Loan, FFEL, or Federal Perkins

records to adjudicate or investigate the issues. If provided

Loan Programs, to permit the servicing of your loans, and, if

for by a collective bargaining agreement, we may disclose

it becomes necessary, to locate you and to collect and

records to a labor organization recognized under 5 U.S.C.

report on your loans if your loans become delinquent or

Chapter 71. Disclosures may be made to our contractors for

default. We also use your SSN as an account identifier and to

the purpose of performing any programmatic function that

permit you to access your account information

requires disclosure of records. Before making any such

electronically.

disclosure, we will require the contractor to maintain Privacy

The information in your file may be disclosed, on a case-

Act safeguards. Disclosures may also be made to qualified

by-case basis or under a computer matching program, to

researchers under Privacy Act safeguards.

third parties as authorized under routine uses in the

Paperwork Reduction Notice. According to the

appropriate systems of records notices. The routine uses of

Paperwork Reduction Act of 1995, no persons are required

this information include, but are not limited to, its disclosure

to respond to a collection of information unless such

to federal, state, or local agencies, to private parties such as

collection displays a valid OMB control number. The valid

relatives, present and former employers, business and

OMB control number for this information collection is

personal associates, to consumer reporting agencies, to

1845-0018. Public reporting burden for this collection of

financial and educational institutions, and to guaranty

information is estimated to average 12 minutes per

agencies in order to verify your identity, to determine your

response, including time for reviewing instructions,

eligibility to receive a loan or a benefit on a loan, to permit

searching existing data sources, gathering and maintaining

the servicing or collection of your loans, to enforce the

the data needed, and completing and reviewing the

terms of the loans, to investigate possible fraud and to verify

collection of information. The obligation to respond to this

compliance with federal student financial aid program

collection is required to obtain a benefit in accordance with

regulations, or to locate you if you become delinquent in

34 CFR 674.33, 682.211, or 685.205.

your loan payments or if you default. To provide default rate

If you have comments or concerns regarding the

calculations, disclosures may be made to guaranty agencies,

status of your individual submission of this form, please

to financial and educational institutions, or to state

contact your loan holder directly (see Section 6).

agencies. To provide financial aid history information,

 

disclosures may be made to educational institutions.

 

Page 4 of 4

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request forbearance form conclusion process explained (part 1)

2. After performing this step, head on to the next part and enter the necessary particulars in all these blanks - What is your total monthly, Attach documentation of your, such as a tax return Ws paystubs, Your gross taxable income from, Onetwelfth of the Adjusted Gross, your most recent federal income, You must attach documentation of, recent monthly payments due on, Is the amount reported in Item, Yes Continue to Section, No You are not eligible for this, and Page of.

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3. This third stage is going to be straightforward - fill in every one of the form fields in Borrower Name, Borrower SSN, SECTION BORROWER REQUESTS, I request, My loan holder grant forbearance, approved for a forbearance I would, Make smaller payments in the, per month, My loan holder grant my, If checked to make interest, I understand, I am not required to make payments, My forbearance will begin on the, and My loan holder may grant me a to conclude this segment.

Stage number 3 in filling out request forbearance form

4. This next section requires some additional information. Ensure you complete all the necessary fields - Borrowers or Endorsers Signature, Date, SECTION INSTRUCTIONS FOR, Type or print using dark ink Enter, Endorsers may request forbearance, and Page of - to proceed further in your process!

request forbearance form writing process shown (part 4)

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Ways to fill in request forbearance form part 5

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