Deferments & Forbearance
This workflow template illustrates the review and documentation of deferment or forbearance requests from debtors. Purchase and download this template in PDF, Visio and PowerPoint formats, and customize it to fit your organization, or use it to better understand the Deferments & Forbearance process.
Related KPIs : Forbearance Approval Rate, Deferment Approval Rate, Total Dollar Value of Deferred Debts
What is Deferments & Forbearance?
The Deferments & Forbearance process involves the review and documentation of deferment or forbearance requests from debtors. A deferment is a temporary suspension of a customer's required minimum monthly loan payments (common component of student loan repayment practices). Forbearance, on the other hand, can either reduce or temporarily suspend loan payments. This process includes deferment and forbearance request reviews (for eligibility, etc.), approval or denial of request, mailing of verification letters and updating debtor account information.
Download a Sample Deferments & Forbearance
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