Deferment

If you are having temporary difficulty making all or part of your monthly student loan payment, you may want to consider deferment of your payments.

Deferment is a period of time when regularly scheduled monthly payments are not required. In order to qualify for deferment, borrowers must meet certain criteria, which can include:

• Returning to school at least half-time
• Unemployment
• Economic hardship
• Enrollment in a graduate fellowship or rehabilitation training

Something to consider about deferring your student loans. . . Interest will continue to accrue on the unsubsidized portion of your loan making the total interest cost of the loan higher. Payments will resume and are required as soon as the deferment period is over. Be sure to choose deferments sparingly — borrowers only receive up to 3 years of deferment time over the entire life of the loan.

In order to qualify for deferment, you will need to apply through your loan servicer. They can explain the options available to you. If you do not know who services your student loans, please call 800.552.3006.