Returning to school, enlisting in the military or enrolling in a graduate or professional course of study may necessitate a temporary suspension of your loan payments. Or, you may encounter a job loss or other type of financial hardship that makes it difficult for you to remain current on your loan payments.
Whatever your specific situation, we’re here to support you through the various forbearance options we can provide.
With all forbearance options, interest continues to accrue during the forbearance period, so you may end up increasing the total amount you repay if you choose not to make interest-only payments during your forbearance.
In-school forbearance. If you are in school or completing an internship, residency, or fellowship program, you may be able to postpone payments on your student loan for the length of time you remain in school, up to a maximum of 48 months (including summer months).
- You may qualify for this type of forbearance even if you are enrolled less than half time. You can request by submitting one of the forms below:
Extended grace. If you had an in-school forbearance when attending school half time or full time and the in-school forbearance ends, you may be eligible for an additional 6 months of grace time to help you prepare for repayment on your loan.
Military forbearance. If you are on active duty, on reserve, or retired as a member of our Armed Forces, or if you are in the National Guard full time, you may qualify for a military deferment of up to 36 months.
FEMA disasters. When the Federal Emergency Management Agency (FEMA) declares a disaster, Wells Fargo assists our customers by deferring their payments for some period of time.
When you are having difficulty finding employment, have experienced a job loss, or have an unplanned medical expense, we understand that keeping up with payments can be difficult.
We may have options that will provide temporary relief, such as:
- Short-term payment relief for up to two months as long as you’ve consistently made your loan payments on time
- Payment relief for up to six months due to financial hardship
- Payment options if you are already past due on your account
Please call us at 1-866-878-1083. We’ll discuss these repayment options with you.