Answers:
As long as your not late right now in payments, forbearance will not effect your credit, if you have not consolidated your credit is lower than it needs to be, every loan you took out is listed individually, with consolidation you have one. Your rights to deferment and forbearance are also refreshed(3 more years of each). So instead of forbearance, where all your loans are accruing interest, you might qualify for a deferment, where the government pays the interest on the subsidized portion. Hope that helps.
you mean missing payments until you go into default? pretty much ruins you credit.
During a period of forbearance, your credit report will just reflect that the account is "not in repayment". This is the same way your account is reported while you were in school.
Please make sure you are granted a forbearance before becomming 60 days past due. At that point you are reported as late. You can still apply for a forbearance and it will take care of the past due balance, but the ding will remain on your credit report.
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