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If you are having difficulties making your student loan payments there are many options to help and avoid default. Student loan forbearance or deferment is a temporary solution that stops or decreases your student loan payments during circumstances that have you struggling to repay your student loans. Only federal student loans qualify for deferment, not private student loans.
What is a Deferment?
Deferment means your loan payments will be postponed for a period of time. When your application for deferment is approved and granted you will not have to make loan payments during that time. During deferment most subsidized loans won’t accrue interest but unsubsidized loans will always accrue interest during deferment (which means you’ll end up paying more).
Keep Paying Your Loan Until Approved For Deferment
Until you are notified that your deferment is approved and granted you must continue to make loan payments or else your loan will become delinquent and you may default on your loan.
Try to pay your interest while in deferment
Some loans will not accrue interest when in deferment but others will continue to accrue interest. We encourage you to try to pay the interest while in student loan deferment if possible because if you don’t the additional interest will be added to your principal after the deferment period and this will increase your monthly payments and the total amount of the loan you must repay.
If you are having trouble making your student loan payment contact us right away, so we can go over your student loan deferment options. If you do not qualify for a deferment, you may be able to change your loan repayment plan to one with lower payments than you're currently making. Learn more about federal loan deferments and how to defer student loans below.
What is a Deferment?
Deferment means your loan payments will be postponed for a period of time. When your application for deferment is approved and granted you will not have to make loan payments during that time. During deferment most subsidized loans won’t accrue interest but unsubsidized loans will always accrue interest during deferment (which means you’ll end up paying more).
Keep Paying Your Loan Until Approved For Deferment
Until you are notified that your deferment is approved and granted you must continue to make loan payments or else your loan will become delinquent and you may default on your loan.
Try to pay your interest while in deferment
Some loans will not accrue interest when in deferment but others will continue to accrue interest. We encourage you to try to pay the interest while in student loan deferment if possible because if you don’t the additional interest will be added to your principal after the deferment period and this will increase your monthly payments and the total amount of the loan you must repay.
If you are having trouble making your student loan payment contact us right away, so we can go over your student loan deferment options. If you do not qualify for a deferment, you may be able to change your loan repayment plan to one with lower payments than you're currently making. Learn more about federal loan deferments and how to defer student loans below.
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Economic Hardship Deferment
This deferment postpones payments for a borrower during times of financial difficulties. Download the Economic Hardship Deferment Application (PDF)
This deferment postpones payments for a borrower during times of financial difficulties. Download the Economic Hardship Deferment Application (PDF)
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Graduate Fellowship Deferment
This deferment type postpones payments for borrowers engaged in a full-time course of study in an eligible Graduate Fellowship programs. Download the Graduate Fellowship Deferment Application (PDF)
This deferment type postpones payments for borrowers engaged in a full-time course of study in an eligible Graduate Fellowship programs. Download the Graduate Fellowship Deferment Application (PDF)
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The new cancer treatment deferral form allows you to delay your repayment while going through cancer treatment under a physician's care.
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In-School Deferment
Any borrower who is certified by an eligible school as enrolled on a full-time or half-time basis may receive this deferment. Download the In-School Deferment Application (PDF)
Any borrower who is certified by an eligible school as enrolled on a full-time or half-time basis may receive this deferment. Download the In-School Deferment Application (PDF)
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Rehabilitation Training Deferment
You can postpone your payments when you are enrolled in qualifying programs. Download the Rehabilitation Training Deferment Application (PDF)
You can postpone your payments when you are enrolled in qualifying programs. Download the Rehabilitation Training Deferment Application (PDF)
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Military Service Deferment
If you are serving on active duty recently served during a war, military operation or national emergency you can postpone payments. Download the Military Service and Post-Active Duty Student Deferment Application (PDF)
If you are serving on active duty recently served during a war, military operation or national emergency you can postpone payments. Download the Military Service and Post-Active Duty Student Deferment Application (PDF)
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Parent PLUS Borrower Deferment
Postpone payments if you are a parent with your student attending an eligible school at least half-time or greater, or a 6 months after the student is no longer enrolled. Download the Parent PLUS Borrower Deferment Application (PDF)
Postpone payments if you are a parent with your student attending an eligible school at least half-time or greater, or a 6 months after the student is no longer enrolled. Download the Parent PLUS Borrower Deferment Application (PDF)
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Unemployment Deferment
This deferment type postpones payments for borrowers who are seeking full-time employment through registry with an employment agency or are receiving unemployment benefits. Download the Unemployment Deferment Application (PDF)
This deferment type postpones payments for borrowers who are seeking full-time employment through registry with an employment agency or are receiving unemployment benefits. Download the Unemployment Deferment Application (PDF)
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If you are having trouble making your student loan payment contact us right away. If you do not qualify for a deferment, you may be able to change your loan repayment plan to one with lower payments than you're currently making.
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What type of deferment should I apply for?
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Unfortunately, many companies that offer student loan debt relief are trying to make money off people who need help with their student loans. You should never pay for help with a deferment of a student loan. The following loan assistance services are free:
- Consolidating federal student loans
- Lowering or postponing monthly payments (deferment and forbearance)
- Changing repayment plans
- Checking for eligibility for loan forgiveness