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Student Loan Deferment

Deborah Said:

What exactly does the lender ask for when you go into student loan deferment for financial hardship?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Donna Said:

I am unemployed and receiving unemployment benefits will I be able to get a student loan deferment?

We Answered:

You'll be fine. All you have to do is fill out an economic hardship form and they will defer payments. I suggest you start looking for work and put as much as you can towards your student loans/interest. You still will be in deferment status, just submit what you can on your student loans.

Jo Said:

If I have student loans on deferment and the loan is accruing interest,?

We Answered:

No. You can only deduct items that you have PAID for. Since you have not yet paid the interest, it is not deductable. Don't worry. It will be deductable in future years when you actually pay it.

Claudia Said:

I lost my job involuntary, If I request a deferment on my government student loan, will that affect CREDIT ?

We Answered:

As far as I have always heard If you come up with a new payment plan or even defer payments for a loan than it will not affect your credit. As long as it is in good standing and you are paying what they ask you to pay than your still up to date and good!

Rosemary Said:

Which is better to delay payments on a student loan, a deferment or forbearance?

We Answered:

First of all, I'm going to assume that you're asking about federal student loans (Staffords and Perkins). Private student loans do not generally offer the option of a deferment.

For federal loans, a deferment is a matter of right, while a forbearance is an accommodation from your lender. If you qualify for a deferment, your lender will allow a temporary postponement in your payments. A forbearance must be applied for, and the lender has the choice of deciding whether or not to grant you the accommodation that you request.

To qualify for a deferment, you must meet one of several pre-determined conditions - one of these is an inability to find full-time employment. If you're still employed full-time, the other option is to qualify for a deferment on the basis of economic hardship, but to do so will require that you meet certain income standards, based on your household size. Deferments are granted one year at a time, and can be renewed twice, for a total of 3 years during the repayment period.

If you want to apply for a deferment (which allows your lender to determine if you qualify), you'll need to either contact the Direct Loan Servicing Center (if you borrowed directly from the Department of Education), or your lender (if you borrowed from a private lender like Sallie Mae). The number for the Direct Loan is 1-800-848-0979. The number for your lender can be found on the bills they've been sending you, or you can find it on their website.

As I explained earlier, a forbearance is for those borrowers who don't qualify for a deferment. You'll need to ask your lender - very nicely - if they'll grant you that accommodation. There is such a thing as a mandatory forbearance - that happens in situations where you have a medical disability or if your loan payments exceed 20% of your monthly income. You'll have to provide documentation of your financial circumstances, and again, your lender can choose to grant forbearance for a year at a time, and up to a total of 3 years. Here's an example of what a forbearance application looks like:…

Remember - neither a deferment nor a forbearance is automatic - you have to contact the lender and apply for one. If it's a Perkins, contact your school directly. If it's a Direct Loan, contact the Direct Loan Servicing Center at the number I provided above. If it's a FFEL loan, contact the lender - Sallie Mae, or Chase, or whoever provided your loan.

One more thing - if your loans are subsidized, interest won't accrue during a deferment, but will during a forbearance. With unsubsidized loans, interest always accrues, whether you seek a deferment or a forbearance.

I hope that information helps you - good luck!

Jon Said:

Student loan deferment can you get it extended?

We Answered:


Qualified borrowers of federal student loans are permitted to apply for economic hardship deferments one year at a time, for a period not to exceed 3 years in total.

If you haven't already exceeded three years, you should apply to your lender to have your deferment renewed for another year. You can review the requirements for approval of your request on this Department of Education page here:…

Good luck - I hope that helped - and best wishes on finding a great job, soon.

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