Student loans are a big part of paying for your education, but unfortunately, they don’t have an end date. You’ll be stuck with them for the rest of your life if you don’t pay them off sooner rather than later.

When you have trouble making payments on time or at all, it’s essential to know about student loan forbearance as an option. When is forbearance right for you? What options do you have when it comes to forbearance? Let’s take a closer look at these questions so that you can make an informed decision!

What is Student Loan Forbearance Extension?

Forbearance is a period of time during which you are not required to make payments on your student loans. This can be due to financial hardship or other reasons.

A student loan forbearance extension allows you to extend the forbearance period beyond its original end date, which allows you more time before having to start making payments again.

“You’ll need to submit a written request for forbearance to your student loan servicer by using a form,” experts like Lantern by SoFi say.

How Does Forbearance Extension Affect Your Loan?

As you consider whether or not to request an extension on your student loan forbearance, it’s important to understand how it will affect your loan.

When calculating the amount of interest paid over the life of a loan, several factors can affect this number:

• The interest rate (APR) of your original loan.
• Your repayment plan and its terms (for example, monthly payments versus one large payment at the end).
• Whether or not any payments were made during forbearance.

Pros and Cons of Extending Student Loan Forbearance

The pros of extending student loan forbearance include not having to make payments for a while, which can be beneficial if you’re experiencing financial difficulty. However, interest will continue to add up on your loan and that means more money that you owe in the long run.

It’s important to remember that when your forbearance ends, it doesn’t mean all of your problems will go away immediately either–you may still find it difficult or impossible to make payments on time because of other financial obligations or unforeseen expenses (like medical bills). In this case, an extension could help give you some breathing room until things settle down again so that it once again becomes possible for you.

How to Decide if a Forbearance Extension is Right for You?

If you’re considering an extension on your student loan forbearance, there are a few factors to consider.

• How long will it take to find a new job? If you have no idea how long it will take to find work, then it’s best not to extend your forbearance period. You want to avoid falling behind on payments while waiting for something that may never happen!
• How much money do you owe each month? If the amount of interest added onto your loans is too high compared with what you can afford right now (and when considering future raises), extending your forbearance won’t be worth it in the long run.

If you are considering extending your student loan forbearance, it is crucial to understand how this will affect your loan and whether or not it is right for you. If you decide to extend your forbearance period, be sure that it is only temporary and not permanent because interest will continue to accrue on all outstanding balances.