If the loan company has not registered in My AmeriCorps, they will not be on the list of institutions in the system. You can also check the status of your forbearance request in your My AmeriCorps account. You should contact your loan holder if you have not heard from them within four weeks of submitting your information online.
Your loan holder will notify you when they have acted upon your request. This request will verify your involvement in AmeriCorps and request that your qualified loans be put in forbearance during your service period. When you click on “submit,” a request will be sent electronically to your loan company.Select your current term of service and identify the company that holds your student loan. In your Home Page, click on the “Create Forbearance” link to bring up the page where you can request forbearance.
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How to Apply for ForbearanceĪfter you have enrolled in an AmeriCorps project, go into your account in My AmeriCorps. However, if you have loans that had gone into default before you began your national service, you can try to negotiate an arrangement with the loan holder or collection agency to bring the loan out of default so forbearance can be granted. If your loan is in default, it may not be eligible for forbearance. CNCS cannot approve forbearance requests it only verifies that you are serving in an approved national service position. Only the loan holder can determine your loan’s eligibility and approve your request for forbearance. If your loan holder tells you that your student loan does not qualify for forbearance based upon national service, ask them if your service qualifies you for some other type of forbearance or deferment. You should contact your loan holder to see if your loan qualifies for forbearance based upon your AmeriCorps service. Individuals in approved AmeriCorps positions are eligible for forbearance for most federally-guaranteed student loans. After you finish your term of service, you will be responsible for repaying your loan according to the terms of the loan. You can easily and quickly request forbearance on-line through My AmeriCorps. (A “loan holder” is the entity that holds the loan promissory note and has the right to collect from the borrower).
If your loan is eligible for forbearance based upon your AmeriCorps service, you can request that your loan holder give you forbearance during your service period. Interest may continue to accrue but if the member successfully completes the term of service and the loan is a qualified student loan, the National Service Trust will pay all or a portion of the interest that accrued during the service period. While an individual’s loan is in forbearance, the member is not required to make payments. It is through an action called forbearance. Individuals who are serving in a term of service in an approved AmeriCorps position may be eligible to have the repayment of their qualified student loans temporarily postponed while they are serving. College students and graduates who have taken out student loans might worry that they won’t be able to keep up with repayment if they sign up for AmeriCorps, but good news: There are penalty-free options to postpone student loan payments while you serve.
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