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Step 1
Determine the type of U.S. federal student loan that you have. Each time of government student debt is different and has different loan interest rates, as well as different repayment policies. The three major types of federal student loans include the Perkins federal student loan, the Stafford student loan, and the PLUS student loan (intended for parents of students).
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Step 2
Find the contact information of the financial institution or bank that handles your student loan and its repayment, cancellation and federal student loan deferment. This information is on your loan policy papers that you signed when first applying for a federal loan, as well as on the loan papers that came with your student loan checks. The U.S. federal government has private financial companies handle the actual distribution and repayment of student loans to college and university students.
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Step 3
Contact your loan handler If you have a loan from the Federal Perkins Loan Program in order to find out if you are eligible for loan cancellation or deferment. One of the main ways to obtain Perkins loan cancellation or Perkins loan deferment is for full-time teaching at certain schools, or teaching in certain subject areas. College graduates with Perkins loans may also qualify for federal loan deferment for the same reasons.
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Step 4
Consult your school's financial aid department, or the financial institution or bank that handles your loan, to determine your eligibility for Stafford federal loan deferment. As with federal Perkins loans, your Stafford loan can be deferred if you are teaching in an eligible school.
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Step 5
Research additional ways to defer repaying your Stafford or Perkins loan. Both federal loans allow you to defer both repayments and interest on your college debt if you meet certain qualifications, including if you are in school taking at least halftime credits; unemployed or experiencing economic hardship; or studying for a graduate program.
