What is the process to apply for deferment or forbearance?

The process to apply for deferment or forbearance with the Missouri Higher Education Loan Authority can vary depending on the specifics of the loan and individual circumstances. Generally, the first step involves reviewing the eligibility criteria for deferment or forbearance. Deferment typically allows borrowers to temporarily postpone payments under certain conditions, such as enrollment in school, unemployment, or financial hardship. Forbearance, on the other hand, permits borrowers to temporarily reduce or stop payments when they are experiencing financial difficulties. To start the application process, borrowers should locate the appropriate application forms, which are usually available on the Missouri Higher Education Loan Authority’s official website. It is important to provide accurate information regarding the current financial situation and any supporting documentation that may be required. This could include pay stubs, tax returns, or other financial records. After submitting the application, the borrower will receive a notification regarding the approval or denial of the request. During this time, it is important to continue making payments if possible, to avoid negative consequences on the account status. Borrowers should monitor their loan account regularly and can find additional details or updates on the Missouri Higher Education Loan Authority website. This site can also provide further information on managing loans effectively during periods of hardship or education.