Defer Your Student Loan Payments

The ability to defer student loan payments is one of the most attractive features of federal student loans. Here are the basics of deferring your student loan payments.

Student Loan Deferment

With federal student loans, you have the option to defer your student loan payments for a certain period. In most cases, you can qualify for up to a year of deferment if you meet eligibility requirements. When you defer your payments, the interest on your student loans is going to stop accruing as well. This makes it a more beneficial feature than simply using a student loan forbearance. Most of the time, you will be able to use a student loan deferment only once over the course of your loan repayment.

Qualifying

Not everyone will be able to qualify for a student loan payment deferment. In order to qualify for one of these, you are going to have to meet certain eligibility requirements. This means that you are going to have to be in the middle of some type of hardship. For example, if a medical issue or the death of a loved one causes you financial hardship, you might be able to qualify for this program.


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