What kind of deferments are available?
Deferments put off your payment, and in all but one case, stop interest from accruing. The most common deferment is a student deferment. As long as you are at least a half-time student, and our office is informed of your attendance, you can defer your loan indefinitely. All Perkins Loans are eligible for three deferments that have a three-year maximum allowed. They are for participating in a rehabilitation program, for economic hardship, and for unemployment. These all have a six-month grace period following them with your regular payments beginning on the seventh month. No interest accrues and no payments are due during the deferment or the grace period. There is also a forbearance that is available to all loans, no matter when they were borrowed. We do forbearance if you are not eligible for any other type of hardship deferment. Interest accrues during a forbearance and can be paid during the deferment or at the end of the deferment as you choose. There is no grace period.
Deferments put off your payment, and in all but one case, stop interest from accruing. The most common deferment is a student deferment. As long as you are at least a half-time student, and our office is informed of your attendance, you can defer the repayment of your loan until you are out of school. We belong to a nationwide database called NSLC that automatically notifies us when our borrowers are attending school at least half time. However, not all schools participate. If the school you are attending does not participate, you will need to provide us with enrollment verification from the Registrar at your new school verifying you are in school at least half time. Financial hardship deferments are available for those borrowers who are either unemployed or working only part time but are actively looking for full-time work, or who are working full time but are unable to make their payment, or are receiving some kind of state or federal aid like food stamps or WIC. They all have a six-
