Student loan deferment is a process you can apply for if you find that you can't make your payments on time for your student loans. It allows for the temporary or permanent stoppage of making student loan payments.
A deferment excuses a
borrower from making his student loan payments for a certain set period
of time, usually due to a specific circumstance like an economic
hardship, sudden unemployment or returning to school.
Private Loan Deferment
you make a request, ensure that you qualify for a deferment. Check your
specific loan policy with a loan servicer or your financial
institution. You cannot default on your loan and must meet all of the
conditions as outlined by your particular loan institution. For example,
your payments must have been made on time and you must be within the
grace period after graduation. You must also have not been granted
previous deferments or forbearances.
Ensure that you meet all
specific qualifications for deferment under your federal loan rules. The
most common condition to meet is that you are enrolled in school at
least half-time, with an inability to find full-time employment (and
experiencing economic hardship) for as long as three years. You will not
qualify if the loan is already in default for any reason.
Federal Loan Deferment
of graduate or professional degree students can defer repayment of
PLUS, Stafford, Perkins, Direct and FFELSM loans. For Federal Perkins
Loans, contact the school which made the loan or the educational
facility's servicing agent. For Direct and PLUS loans, contact the
Direct Loan Servicing Center at 1-800-848-0979. For FFEL Loans, contact
the lender or agency that is holding the loan.
To find out who
the servicer of your loan is, you can find it on the U.S. Department of
Education's National Student Loan Data SystemSM (NSLDSSM). Parents,
graduate and professional degree students should be aware that because
federal loans are unsubsidized, interest will be charged during all
deferment periods. When interest is not paid as it accrues, it will be
added to the outstanding principal balance amount (capitalized).
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