How to Get a Deferment With a Student Loan Consolidation
Student loan debt can be an overwhelming stress on your finances. Consolidation may help by creating one payment, but it can be very large. Lenders are understanding of this burden and are often willing to let you postpone payments until your financial situation improves. A deferment can be granted in cases of economic hardship, a return to school or due to military duty. To request a deferment, there are specific requirements and you must follow the instructions or risk your request being denied.
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Instructions
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Apply for a consolidation loan. You can consolidate through a student loan company or through the United States Department of Education. All of the separate federal Stafford loans can be combined into one large loan.
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Check the eligibility requirements for a deferment. The student loan company or the government's website (see Resources) will list the qualifying reasons for a deferment.
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Apply through the lender's website or print out a paper application to mail in. You may be required to supply additional documentation or paperwork depending on the reason for deferment.
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Consider other repayment options. Other options are available if you are not eligible for a deferment. It is possible to change your payment amounts or to request a forbearance, which will suspend payments for a set period of time.
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Tips & Warnings
Private loans cannot be consolidated and you must deal with the lender to make payment arrangements. Some interest is accrued during deferment or forbearance. This will increase the total amount paid over the life of the loan.
