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Forbearance

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Dictionary Says

Definition of 'Forbearance'

A postponement of loan payments, granted by a lender or creditor, for a temporary period of time. This is done to give the borrower time to make up for overdue payments.
Investopedia Says

Investopedia explains 'Forbearance'

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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