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Forbearance
Forbearance is a postponement of loan payments, granted by a lender or creditor, for a temporary period of time. Forbearance is done to give the borrower time to make up for overdue payments.
Basically, forbearance allows the borrower to put a temporary hold on his or her monthly payments, usually for up to one year. Forbearance is common for unemployed people with outstanding student loans.
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