Advice on applying for forbearance
I am a School Psych Masters level student in NYC. My program is 3 years with you "graduating" in 2 years when you actually earn your Masters degree. The 3rd year is for internship while your actively enrolled into the Advanced Certificate portion of the program (in other states this is equal to an Ed.S).
Due to the difficulties of unpaid internship and the economy- I could not partake in internship this upcoming fall semester. I had the option to push it off for a year in which I am doing.
So my currently Fed Unsub loan is expected to disburse this September and my status shows im in "grace" because of my enrollment. However, because I will not be moving on to the internship phase, I was not granted permission to enroll in classes. Clearly my loan provider will know this soon.
"Graduation" was in May and I am worried about having to pay back the loan, when right now im unable to. From Aug - now I have not been working as i finished off the requirements for my program.. which included classes and practicum. I took a LOA from my job and will be returning back in Sept. due to my current financial hardships and needing to save for internship, paying back my loan at this time is somewhat impossible.
Can someone provide me with information on a forbearance, when to apply and how does the process go ? I do not want to default as I need the money for next fall.