Student loan borrowers who need a temporary reprieve from their debt can file for a student loan deferment. On a student loan, a deferment is considered an entitlement, meaning that as long as you meet one of the conditions, you have the right to defer your loan at least once during the repayment term. The length of your deferment will be determined by the reason your loan was deferred.
Instructions
1. Determine whether it is necessary for you to file for a student loan deferment. Unless you have an unsubsidized student loan, the interest will build during your deferment, making the principal higher when repayment begins again. If the deferment is for economic hardship, see whether an extended or graduated repayment plan would decrease your payments enough to make a deferment unnecessary.
2. Review your promissory note to determine when your loan was borrowed. Although there are 14 different types of deferments, their availability is determined by when the loan originated. For all loans that were filed after July 1, 1993, borrowers may file for a student loan deferment if they are going back to school, unemployed, experiencing economic hardship, participating in a graduate fellowship or are enrolled in rehabilitation training. For loans prior to 1993, a variety of other deferments are available, which your lender can help you identify.
3. Check the specific eligibility requirements for the type of student loan deferment that you are filing for. Your lender will want to see documentation to support your request before granting your deferment. This documentation could include proof of unemployment or proof of your participation in a graduate fellowship program.
4. Contact your student loan company and inform them that you want to file for deferment. Depending on your lender and the type of deferment you're applying for, you may be able to file online via your lender's website. It is recommended that you file as soon as possible, so that you can ensure that your deferment is processed quickly.
5. Explore other alternatives if you do not meet the eligibility requirements to file for a student loan deferment. Another option available is a forbearance, which is similar to a deferment in that it temporarily suspends your payments if you're having financial difficulty. But unlike deferments, forbearances are not considered an entitlement to student loan borrowers, and are given at the full discretion of your lender.
