Deferments allow you to postpone your student loan payments. It can give you just the time you need to get back on your feet. Deferment also brings your loan current if you've missed any payments. But, it doesn't erase any past due payments that were previously reported to credit bureaus.
Deferments are available for a variety of situations, including when you're:
- Back in school at least half-time.
- Unemployed or working less than 30 hours a week and looking for full-time work.
- Temporarily having difficulty making ends meet.
- Actively serving in the U.S. military during a war, military operation, or national emergency.
- Actively serving in the Peace Corps or AmeriCorps.
- In a graduate fellowship program or rehabilitation training.
To qualify, you must meet certain requirements and provide information; however, once you do, you can't be turned down.
During deferment, you aren't required to make payments, but you're responsible for any interest that accrues on all loan types except Subsidized Stafford and Subsidized consolidation loans. When your deferment ends, any unpaid interest is added to the amount you borrowed—called capitalization. Your increased loan amount then generates more interest, increasing the overall cost of your loan. You can limit the amount to be capitalized by making interest payments during deferment.
Deferments are temporary. Afterwards, you'll need to begin making payments again. It's important you select a new repayment option before your deferment ends, so you can make on-time payments.
A deferment may give you just the breathing room you need.
GET STARTED: Learn more and apply for deferment » If you aren't already logged in, you'll be asked to do so. Then, questions will guide you through your eligible deferment options, based on your loans, previously requested deferments, and your current situation.
Not finding the right repayment option?
Not everyone follows the same path while in school, or afterward when you're expected to pay back your loans.
Learn more about other repayment options to find the one that best fits your circumstances.
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