To defer student loan payments, you need to contact your loan provider and find out if you’re eligible for a deferment. If you meet the criteria, you can request a deferment and temporarily put off making payments on your loan.
Detailed answer to your inquiry
In order to defer your student loan payments, there are a few steps you can take. First, it’s important to understand the criteria for deferment. According to the U.S. Department of Education, there are a number of situations in which you may be eligible for a deferment, including:
- Enrolling in school at least half-time
- Being on active military duty during a war, military operation, or national emergency
- Serving in the Peace Corps or AmeriCorps VISTA
- Experiencing unemployment or economic hardship
- Suffering from a disability or illness that prevents you from working
If you meet one of these criteria, you can contact your loan provider and request a deferment. Keep in mind that interest may still accrue on your loans during the deferment period, depending on the type of loan you have.
It’s also worth noting that there are some alternatives to deferment that you may want to consider. For example, if you’re having trouble making your payments due to financial hardship, you may be able to enroll in an income-driven repayment plan, which adjusts your payments based on your income and family size.
As for a quote on the topic, here’s one from former President Barack Obama: “In a time when college has never been more important, it has also never been more expensive. With student debt now exceeding a trillion dollars, we’ve much work to do to ensure that more young people have the opportunity to go to college and that once there, they can get a good education without taking on loads of debt.”
And now, here’s a helpful table that outlines the types of student loan deferment available:
| Type of Deferment | Criteria |
|---|---|
| In-school | Enrolled at least half-time in an eligible school |
| Parent PLUS Borrower | Child enrolled at least half-time in an eligible school |
| Graduate Fellowship | Enrolled in a graduate fellowship program |
| Rehabilitation Training Program | Enrolled in a program that helps people with disabilities |
| Unemployment | Unable to find full-time employment or working less than 30 hours per week |
| Economic Hardship | Monthly payments are more than 20% of discretionary income |
| Military Service | On active duty during a war, military operation, or national emergency |
| Post-Active Duty | Within 13 months of completing active duty |
| Peace Corps or AmeriCorps VISTA | Serving as a volunteer in the Peace Corps or AmeriCorps VISTA program |
| Public Service | Working in public service (e.g. government, non-profit) and enrolled in an income-driven repayment plan |
Hopefully this information is helpful for anyone looking to defer their student loan payments. Remember, it’s important to explore all your options and talk to your loan provider to find the best solution for your individual situation.
Response video to “How do I defer my student loan payments?”
The end of student loan forbearance is approaching and federal student loans will begin accruing interest starting from August 29th. Layla provides tips on how to prepare for this change, including updating contact information, setting up autopay, choosing a new payment plan, transferring money to pay off loans, and preparing for unforeseen circumstances by budgeting and saving. She advises taking action as soon as possible to avoid customer support issues once payments start. The speaker also offers one-on-one sessions to help with accountability and budgeting. Although there is uncertainty about loan cancellations, Layla suggests preparing for payments to come back and making a plan.
Other options for answering your question
How to defer your student loans
- 1. Contact your loan servicer or lender
- 2. Review deferment options
- 3. See if you qualify
- 4. Apply for deferment
For federal student loans, you’ll need to submit a request to your student loan servicer, usually with documentation to show that you meet the eligibility requirements for the deferment. For private student loans, you’ll need to check the rules directly with the lender. A variety of circumstances may qualify you for deferment.
Federal loans offer many deferment options for most loan types. The types of loans eligible for deferment include Direct subsidized loans, Federal Family Education Loans (FFEL), Perkins loans, and Federal Stafford loans. For students going back to school, the in-school deferment option is what they automatically qualify for.
Your loans should be automatically deferred while you’re enrolled at least half time at an eligible college or vocational school, plus an additional six months after you graduate, leave school or drop below half-time status. If it’s not automatic, you can contact your loan servicer and request it.
Here’s how you do it: Your lender may put your loans on automatic deferment once you enroll at least half-time in a program. But to be on the safe side—or if you haven’t received a notice that your loans are in deferment, contact your educational institution and let them know that you want your loans to be deferred while you’re in school.