How to Get Student Loans Deferred for Travel
You spent four years with your nose buried in books studying hard to earn your degree, and now that you graduated you would like to take a much-needed break and go out and explore the world. But you have one problem: College was expensive and now that it's over, student loan bills are starting to roll in. Fortunately, there are a few ways you can get a student loan deferment so that you can take that trip.
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Instructions
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Join the Peace Corp. All federal student loan programs allow for the deferral of interest and principle payments for people who enter public service.
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Join the military. The military falls in the public service deferment category. The drawback, of course is you likely won't be able to choose your travel destination.
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Enter a study abroad program. If you go back to school, you will be eligible for an education deferment. Most universities have study abroad programs with a wide selection of destination choices.
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Request a deferment application. Applications are typically available on your student loan provider's website.
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Complete your application and make copies before submitting it.
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Follow up with your loan provider to ensure it received your application. Don't assume you have been approved for a deferment just because you applied. Get confirmation before you travel.
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Tips & Warnings
If you are not interested in joining the Peace Corp, military or a study abroad program, you may still be able to get a student loan forbearance from your provider. A forbearance is similar to a deferment, but interest rates will continue to accrue, even on subsidized loans. The decision to grant a forbearance is left to your loan provider.
If you are granted a deferment, the government will pay interest on your principle for all subsidized loans. If you have any unsubsidized loans, however, interest will continue to accrue during your deferment period.
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