What is deferment and forbearance?
An example of an AI chatbot conversation about deferment and forbearance options for loans.
Can you explain what deferment and forbearance mean?
Sure! Deferment is a temporary postponement of loan payments, while forbearance is a temporary reduction or suspension of payments.
What are the eligibility requirements for deferment?
Eligibility for deferment often depends on the type of loan and your current situation, like being in school or facing financial hardship.
How does forbearance affect my credit score?
Forbearance itself doesn't directly affect your credit score, but missed payments during that period can.
Can I apply for both deferment and forbearance?
Yes, you can apply for both, but typically you would choose one based on your financial situation.
What should I consider before choosing between them?
Consider your financial situation, the length of time you need assistance, and how each option impacts your loan terms.
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