What is a Hardship Deferment for Student Loans?
A hardship deferment is a temporary suspension of student loan payments granted to someone who is experiencing difficulties with repayment. Depending on the lender and the nature of the difficulties, the length of a hardship deferment varies, and typically interest will continue to accrue on the loans for the duration of the deferment. In order to receive a hardship deferment, someone must specifically apply to the lender to ask for hardship consideration. Many lenders are very flexible about granting hardship deferments, within reason. If someone loses his or her job, experiences unexpected expenses, or lives in an area with a very high cost of living, a hardship deferment will often be readily granted. Especially if the lendee only wants to put off payments for one month, a hardship deferment can usually be obtained. To apply for a hardship deferment, it is usually necessary to contact the lender and explain the situation. For temporary deferments like a one month deferment, sometime
