Deferment

 

Deferment is your best option if you can't pay your student loan. A deferment means there are no payments due on your student loan for that approved period of time. For subsidized Stafford Loans, the government pays interest that accrues during the deferment period. You must qualify for deferment and may be asked to provide some documentation.



Experiencing economic hardship?

Defer your student loans payments with an Economic Hardship Deferment!
  • You have been granted an economic hardship deferment under the William D. Ford Federal Direct Loan Program or the Federal Perkins Loan Program.
  • Your monthly loan payment is equal to or larger than 20% of your gross monthly income.
  • Length of deferment time = 36 months (must re-apply every 12 months)

Attachments

Unemployed or working less than 30 hours a week?

Defer Your Student Loan Payments with an Unemployment Deferment
 
  • You are attempting but unable to find full-time employment and you are registered with a private or public employment agency if there is one within 50 miles of your permanent or temporary address (school placement offices and "temporary" agencies do not qualify as public or private employment agencies)
  • You must provide documentation establishing that you are eligible for unemployment benefits.
  • If you are requesting an extension of a pre-existing unemployment deferment, you must have made at least six efforts in the last six months to find full-time employment.

     

    • Attachments

    Are you receiving public assistance or food stamps?

    If you are receiving public assistance you can defer your student loan payments with an Economic Hardship Deferment
     

    ·  Length of deferment time = 36 months (must re-apply every 12 months)

    ·  You will be asked to provide documentation to prove you receive assistance

    Attachments

    Enrolled in school taking AT LEAST 6 hours?

    Defer your student loan payments with an in-school deferment.

    • You qualify if you are enrolled at an eligible school on at least a half-time (6 hours) basis.

    Attachments

    Active duty Military or National Guard?

    Defer Your Student Loan Payments with a Military Deferment

     

    Attachments

    A full-time volunteer in the Peace Corps?

    Defer Your Student Loan Payments with a Peace Corps Deferment
    • Length of deferment time = 36 months (must re-apply every 12 months)

    Attachments

    In a rehabilitation program for individuals with disabilities?

    Defer Your Student Loan Payments with an Educational Deferment
     
  • To qualify,
    1. My training program must:
      1. be licensed, approved, certified or recognized as providing rehabilitation training to disabled individuals by the Department of Veterans Affairs or a state agency responsible for vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment programs;
      2. provide services under a written individualized plan that specifies the date the services are expected to end; and
      3. be structured in a way that requires a substantial commitment by me to my rehabilitation. (“Substantial commitment” means a commitment of time and effort that would normally prevent a person from being employed 30 or more hours per week in a position expected to last at least three months.)
      4. must be either receiving, or scheduled to receive, these rehabilitation services.

     

    Attachments

    In a full-time graduate fellowship program?

    Defer Your Student Loan Payments with an Educational Deferment
     
  • Your graduate fellowship program:
  • Provides sufficient financial support to allow for full-time study for a period of at least six months.
  • Requires, prior to the awarding of financial support, a written statement from each applicant which explains the applicant's objectives.
  • Requires a graduate fellow to submit periodic reports, projects, or other evidence of the graduate fellow's progress.
  • In the case of a course of study at a foreign university, accepts the course of study for completion of the fellowship program.
  • You hold at least a bachelor's degree conferred by an institution of higher education.
  • You have been accepted or recommended by an institution of higher education for acceptance into the graduate fellowship program on a full-time basis.

    • Attachments