Final answer:
Forbearance is indeed the ability to temporarily stop making student loan payments for qualified reasons such as illness, financial hardship, or certain medical residencies. This relief option allows students to avoid defaulting while they overcome their temporary challenges, though interest may continue to accumulate.
Step-by-step explanation:
Forbearance in the context of student loans refers to the temporary suspension or reduction of payments for borrowers who are experiencing difficulties like illness, financial hardship, or service in a qualifying medical or dental internship or residency. This statement is true. During this forbearance period, the borrower doesn't have to make payments, but it's important to note that interest may continue to accrue on the student loans. Forbearance can be particularly helpful for borrowers who are afraid of defaulting on their loans during postsecondary education due to unforeseen challenges.
Options like the Free Application for Federal Student Aid (FAFSA), scholarships, grants, and work-study programs can also assist students by providing financial aid and reducing reliance on both federal loans and private loans. It's crucial for students to understand their repayment options and rights when it comes to student loans, especially in the face of rising tuition rates that contribute to the concern of leaving college with substantial debt.