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Sallie Mae Forbearance

Sometimes it becomes difficult to repay the student loan either due to financial obligations or some other financial inefficiency. In order to avoid this type of situation Sallie Mae has come up with the Sallie Mae Forbearance policy. This policy actually helps you to either postpone the student loan payments or reduce the amount of payment. Thus, the Sallie Mae Forbearance can be defined as the postponement of education loan payments for a certain period of time. One can go for the Sallie Mae Forbearance so that finance never becomes an impediment in your life for attaining a better education.

Following are various Sallie Mae Forbearance policies for borrowers.

A voluntary forbearance is allowed, if incase loan borrower suffers from any illness, heath related problems or personal financial problems. An Excessive Debt Forbearance is allowed only if the monthly payments of the loan borrower are either 20% or more than his or her income. An Internship or Residency Forbearance is given to those who have participated in a medical or dental internship.

Sallie Mae Forbearance Form

For the convenience of the customers Sallie Mae has provided the Forbearance form online on its website in the PDF format. The loan borrowers can at anytime visit the website, download the form online, fill up with all the required details like loan account number and sign it up by accepting the terms and conditions. One can either fax the form or send it to the Sallie Mae mailing address. Please remember that if you are enrolled in the automatic debit program then you must send the Forbearance form 15 days before the due date of the payment.

Sallie Mae Forbearance Limit

All the Sallie Mae Federal Loans are allowed a forbearance limit of three years. Once three years are over the loan borrowers must start making regular payments according to their payment plans. In case of private student loans the forbearance limit varies accordingly. One must contact with the Sallie Mae Forbearance department officials and read the loan agreement carefully before applying for the forbearance policy.

Sallie Mae Forbearance Fee

Sallie Mae charges a forbearance fee of $50, the maximum being $150 on the private education loan. The fee is mainly imposed in order to discourage the customers using forbearance as the only option. The fee is included in the subsequent repayments that the customer makes.

Sallie Mae Forbearance Mailing Address

After filling up the Sallie Mae Forbearance form you can send the form by mentioning the payment amount to the below mentioned addresses:

Sallie Mae – Department of Education Loan Services
P.O. Box 9635
Wilkes-Barre, PA 18773-9635
Sallie Mae, Inc.
P.O. Box 9500
Wilkes-Barre, PA 18773-9500

You can also dial the Sallie Mae Forbearance phone number 800-722-1300, from Monday to Thursday between 8 a.m. to 9 p.m., and on Friday between 8 a.m. to 8 p.m., ET and contact the customer service department. In order to send form, Sallie Mae Forbearance fax number is 866-266-0178. For further information on the Sallie Mae paperwork one can visit the website of Sallie Mae.

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