Forbearance: Temporary Payment Relief
If you're going through a difficult financial period, forbearance may be an option. Forbearance temporarily reduces your monthly loan payment to help you stay current while you get back on your feet. It is not loan forgiveness — interest continues to accrue and your loan term will extend, but it gives you a structured way to manage a short-term hardship without falling behind.
What Happens During Forbearance
- Your monthly payment amount is reduced
- Interest continues to accrue on your remaining balance
- Your total loan cost increases
How to Apply
- Log into your Edly dashboard and select "View" on your funded application
- Click "Apply for Forbearance" at the top of your screen
- Complete the process and upload the required documentation
- Receive a decision within 3-5 business days