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What is a deferment?

April 26, 2017deferment

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What is a deferment?

6 Answers

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A. An authorized period of time during which a borrower may postpone either principal payments or principal and interest payments. The federal government makes interest payments on subsidized Federal Stafford during authorized deferment periods.

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A tuition deferment means that your tuition fees are delayed or put off until your financial aid is received. Your signature is required. By signing the tuition deferment, you are accepting the responsibility for paying for your tuition and fees if something happens and you become ineligible for financial aid.

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A student loan deferment is a period of time during which payments are postponed. Deferments usually require documentation. There are different types of deferment for which borrowers can apply, such as in-school deferments or unemployment deferments.

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A deferment is an authorized temporary suspension of repayment and may be granted under certain circumstances. You must apply, meet the qualifications and make arrangements with the servicer of your loans. To learn more about deferments, click here.

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A deferment is a specific period of time during which you are approved to cease making payments of the principal on your loan. Normally you may qualify for a deferment of your loan payments only after your repayment period begins. In other words, your grace period must have expired. However, you may request that the grace period be waived or shortened in order to be eligible for a deferment. The types of deferments for which you are eligible are specified by the terms of your loan(s). The criteria by which you may be granted a deferment are based on federal regulations. Deferments are not granted automatically — you must request a deferment. Loans in a default status are not eligible for this option. If your loan(s) is a subsidized Stafford loan, the federal government will pay the interest that accrues during the deferment period. If your loan(s) is unsubsidized, you are responsible for the interest that accrues during the deferment period.