Deferment of Student Loans – Different Methods of Deferment

September 3, 2011

Deferment Of Student Loans

Deferment of stuent loans can be used in many different ways, but just to give you a feel for what it means, deferment of student loans is when both the borrower and the lender both come to an agreement that the borrower is going to postpone their payments on their student loan debt for a certain amount of time. Deferment of student loans is also a way that one can stop paying student loan payments without being penalized as well as sued. As said before, a person can use student loan deferment for many reasons, those reasons are listed right below.

Deferment of Student Loans

Deferment of Student Loans Methods

  1. Educational Reasons – This method of student loan deferment is where most if not all loan lenders allow you to wait until school has concluded to begin making your payments, usually this applies to those who are enrolled in at least a half time schedule. This method also applies to the 6 month grace period in which most lenders offer where for 6 months after you either graduated or dropped out, you do not have to pay monthly payments.
  2. Disability – Deferment of Student Loans is also offered to those who are disabled. The guidlines to obtain student loan deferment is that the injury is going to take you out of work for at a 60 day time period. There are other types of disability deferment of student loans like; complications during the birth process, taking care of a loved one which will take you away from work for at least 90 days as well as if you are attending rehab or something similiar to the above options.
  3. Unemployment – With this method of deferment, you must prove that you are unemployed as well as it requires that you have been actively searching for work. Other requirements for this deferment of student loans option is that you must be working with an unemployment agency as well as searching for work for the entire time of the deferment period which is usually around a 6 month timeframe.
  4. Economic Hardship – Deferment of student loans can also be applicable for those who are truly in a financial pinch. The requirement to be accepted to this type of deferment is that you are either working at least 30 hours at minimum wage rate, receiving public assistance, are making payments on a loan in which your monthly payment is 20 percent of your income or greater, as well as offering community service or intend to do so soon.
  5. National Service – Deferment of Student Loans through offering national service like through the military is also a great way to receive deferment. This option is great for those who are looking to go serve their country as well as be able to get most or their entire debt wiped away.
  6. Family Matters – This option is available for mothers who are have just given birth and need to attend to their children, parents who are either just going back to work or just leaving work to attend to newborns, pregnancy as well as attending to a newly adopted child.

Deferment of Student Loans Conclusion

These different deferment of student loans methods are some of the most used ways when it comes to stalling your payments for a while. If you need the deferement of student loans that you have, the best thing to do now would be to contact your lenders and set up a meeting with them where you will need to verify one of the above options. If the student loan deferment methods above didn’t touch on something else that you think it may grant you deferment, the best thing to do again would be to inquire about it through your lender.


Category: Student Loan Database, Student Loan Deferment

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