 TITLE: Loan Forbearance: How to Know if It’s Right For You CONTENT: What Are the Alternatives to Student Loan Forbearance?\n------------------------------------------------------\nAfter exploring ways to free up money or add to your income, you may still come up short on funds. In that case, contact your student loan servicer and ask for help. They may work with you independently to let you pay less or nothing at all for a few months, without dinging your credit report. They may even shift you to an alternative payment plan. Keep in mind, they're not likely to do much to help you if your loans are already delinquent or in default.\nThe Education Department recognizes that a 10-year standard payoff time frame doesn't work for everyone. Thankfully there are other plans you can use to handle your student loans, and their payments can be far more affordable. For example:\n*   **Graduated**: Plans are still arranged for 10 years, but the payments start off small and then increase over time.\n*   **Extended**: You may have up to 25 years to send very small payments, which may be either fixed or graduated.\n*   **Income-driven**: These plans come in several varieties but all take into consideration the amount of money you make, your expenses, your family size and other financial factors. As your circumstances change, so, too, will your payments.\nYou can learn more about these plans and apply for the one that's right for you via StudentLoans.gov.\nLoan forgiveness is yet another way to deal with expensive student loans. If you use a long-term income-driven payment plan and have a balance remaining at the end of 20 or 25 years, that portion of what you owe may be forgiven. You may also be able to have your loans forgiven with the Public Service Loan Forgiveness program. To be eligible, you'd need to work for a government or a qualified nonprofit for at least 10 years. END