Temporary Hardship Forbearance Form - Pantheon Student Solutions Page 2
ADVERTISEMENT
1
2In order to be approved for a Temporary Hardship Forbearance you must:
1.
Read and understand the form.
2.
Write your social security number, name, and address above.
3.
Write the dates you wish the Forbearance to be applied above.
4.
Provide the reason for the forbearance request.
5.
Sign the form above.
6.
Check the box for address change if applicable.
7.
Use the enclosed envelope to return the form or fax it to us.
Explanation of Capitalization of Interest:
Capitalization of interest is the addition of outstanding accrued interest to the current principal balance of a loan. We will
automatically capitalize your interest at the end of your forbearance. During your forbearance period you will receive notices
in March, June, September and December and again prior to the end of your forbearance. These notices will inform you of
the amount of interest that has accrued. The major advantage of capitalizing interest is the flexibility it provides because no
payment is required. However, we do recommend that you make payments towards the interest during your forbearance
period if you are financially able to do so because the capitalized interest will result in a higher principal balance, higher
monthly payments and additional interest charges over the course of repayment.
The purpose of the chart provided below is to help you estimate the amount of interest that would accrue on your loan every
month so that you can estimate how much would be added to your loan’s principal balance if the interest is capitalized.
For example, if you owe $1,000 in principal at an interest rate of 8.0%, then approximately $6.67 in interest would accrue on
your loan every month. If capitalization occurs on the loan after a twelve-month forbearance period, the amount of interest
that would be capitalized would be approximately $80.00 for that twelve-month period. The chart below provides monthly
interest accrual amounts.
PRINCIPAL
6.00%
7.00%
8.00%
9.00%
10.00%
$ 500
$ 2.50
$ 2.92
$ 3.33
$ 3.75
$ 4.17
$ 1,000
$ 5.00
$ 5.83
$ 6.67
$ 7.50
$ 8.33
$ 2,000
$ 10.00
$ 11.67
$ 13.33
$ 15.00
$ 16.67
$ 3,000
$ 15.00
$ 17.50
$ 20.00
$ 22.50
$ 25.00
$ 4,000
$ 20.00
$ 23.33
$ 26.67
$ 30.00
$ 33.33
$ 5,000
$ 25.00
$ 29.17
$ 33.33
$ 37.50
$ 41.67
$ 6,000
$ 30.00
$ 35.00
$ 40.00
$ 45.00
$ 50.00
$ 7,000
$ 35.00
$ 40.83
$ 46.67
$ 52.50
$ 58.33
$ 8,000
$ 40.00
$ 46.67
$ 53.33
$ 60.00
$ 66.67
$ 9,000
$ 45.00
$ 52.50
$ 60.00
$ 67.50
$ 75.00
$10,000
$ 50.00
$ 58.33
$ 66.67
$ 75.00
$ 83.33
$15,000
$ 75.00
$ 87.50
$100.00
$112.50
$125.00
$20,000
$100.00
$116.67
$133.33
$150.00
$166.67
$25,000
$125.00
$145.83
$166.67
$187.50
$208.33
$30,000
$150.00
$175.00
$200.00
$225.00
$250.00
If you have any questions, please call us at 1-800-337-6884 or visit us online at
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business