How to Get a Student Loan Deferment

If you are falling behind on your student loan payments, you may qualify for a deferment of your student loan. Deferment will delay the repayment of your student loan based on economic hardship, unemployment, continuing education, temporary or total disability, identity theft, uniformed service, community service and in some cases your profession. Here are the steps you need to follow to get a deferment on your student loan.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Financial aid statemen
• List of lenders
• List of student loans

1. Determine how many lenders you have. If you have more than one, you may find it easier to defer your loans by consolidating to one lender first. See the eHow article “How to Consolidate Student Loans.”
2. Contact your lenders to determine which type of deferment you qualify for. If you do not qualify for a deferment, you may qualify for forbearance. Forbearance will delay your student loans for a limited time and is often an option for student loans that have been in default.
3. Obtain all necessary forms and due dates from your lenders.
4. Complete two copies of all necessary forms for each lender, one to keep for your records and one to submit.
5. Submit the forms to your lenders before the due date.
6. Follow up with your lenders to ensure that your forms were received and that your request is being processed.
7. Keep all written documentation regarding your deferments as long as your loans are in deferment.

Tips & Warnings

• Deferment is not automatic. To get your student loans deferred, you will need to apply.
• The government will pay interest on subsidized loans while they are in deferment. For more information on subsidized loans, visit the Department of Education’s Federal Student Aid Web site at http://studentaid.ed.gov/.
• You will still accrue interest on unsubsidized loans while they are in deferment.

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