What are the provisions for unemployment (Type U) deferments?
The borrower is eligible for an unemployment deferment if they are currently unemployed or if the borrower is working part time and actively seeking full-time employment. We ask the borrower to provide a list of firms where he/she has applied or has registered with a public or private employment agency. We also ask for the name of the agency, the address, a contact name and telephone number. The maximum length of deferment for unemployment is three years.
