What are the forbearance options?
Funding U offers a variety of options for students facing hardship and for those looking to continue their education after graduation.
Borrowers can request postponement in 90-day increments for verifiable reasons like temporary hardship with no minimum monthly payment required during this time. This postponement can be up to a total of 12 months for In-School borrowers and up to 24 months for borrowers in Principal and Interest Repayment.
Borrowers can request postponement in 90-day increments for verifiable reasons like temporary hardship with no minimum monthly payment required during this time. This postponement can be up to a total of 12 months for In-School borrowers and up to 24 months for borrowers in Principal and Interest Repayment.
Postponements may be applied automatically in certain cases, including:
● Bankruptcy: Unlimited term; interest may be capitalized.
● Death: Loan principal and interest forgiven.
● Administrative: 60-day term for operational needs; interest may be capitalized.
● Natural Disaster: Up to 3 months; interest may be capitalized.
● Temporary Total Disability: Initial 6 months, up to 24 months with medical certification; interest may be capitalized.
● Total Permanent Disability: 6-month term, up to 60 months with medical certification; interest may be capitalized.
● Late School Notification: Unlimited term; interest may be capitalized.
● Active Military Duty: Unlimited term; interest may be capitalized.
All requests should be made directly, verbally or in writing, with the servicer Launch and can be made via the Launch Borrower Portal. They will notify you if any documentation is required and if your request has been approved or denied. As always we encourage our borrowers to stay in communication with us and the loan servicer for the best borrowing experience.
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