It depends on the type of loan, but generally you can defer student loans up to three times.
Let us look more closely now
Deferment can provide temporary relief from making monthly student loan payments. It is important to note that not all loans are eligible for deferment. For loans that are eligible, the conditions of deferment vary depending on the loan type.
According to the US Department of Education, federal student loans offer deferment options, but private loans may not offer deferment or may include different options.
For most federal student loans, including Direct Subsidized Loans, Direct Unsubsidized Loans, and Federal Perkins Loans, borrowers may defer their loans for up to three years, depending on certain conditions. These conditions, according to Federal Student Aid, may include being enrolled in an eligible school at least half time, being unemployed or experiencing economic hardship, or being on active military duty.
However, it is important to note that interest may still accrue during deferment, increasing the overall loan balance. It is also important to follow proper procedures to avoid loan default or delinquency.
As Elizabeth Warren once said, “The government should not be making money on the backs of our students.” One way to combat this is to take advantage of deferment options when necessary.
Here is a table listing the deferment options for some federal student loan types:
| Loan Type | Maximum Deferment Period | Conditions | Interest During Deferment |
|---|---|---|---|
| Direct Subsidized Loans | 3 years | Enrolled at least half time at an eligible school, in a graduate fellowship program, in a rehabilitation training program, or experiencing economic hardship | No interest |
| Direct Unsubsidized Loans | 3 years | Enrolled at least half time at an eligible school, in a graduate fellowship program, in a rehabilitation training program, or experiencing economic hardship | Interest accrues |
| Federal Perkins Loans | 3 years | Enrolled at least half time at an eligible school, in a graduate fellowship program, in a rehabilitation training program, or experiencing economic hardship | No interest |
| Direct PLUS Loans (for parents or graduate/professional students) | 6 months | Borrower can request deferment while enrolled at least half-time at an eligible school or 6 months post-enrollment | Interest accrues |
| FFEL PLUS Loans | 6 months | Borrower can request deferment while enrolled at least half-time at an eligible school or 6 months post-enrollment | Interest accrues |
In summary, deferment options vary depending on the type of loan, and borrowers should carefully review their options and conditions before choosing to defer their loans. While deferment may provide temporary relief, it is important to consider the potential increase in interest and to follow proper procedures to avoid default or delinquency.
There are other points of view available on the Internet
For loans made under all three programs, a general forbearance may be granted for no more than 12 months at a time. If you’re still experiencing a hardship when your current forbearance expires, you may request another general forbearance. However, there is a cumulative limit on general forbearances of three years.
Federal student loan forbearance usually lasts 12 months at a time and has no maximum length. That means you can request forbearance as many times as you want, though servicers may limit how much you receive. You can re-request a deferment of your student loan every 12 months until you hit your maximum allowed. There is no information on the maximum number of times you can defer your student loans, but you can ask to have the deferment removed at any time if you want to return to making principal and interest payments.
Federal student loan forbearance usually lasts 12 months at a time and has no maximum length. That means you can request forbearance as many times as you want, though servicers may limit how much you receive.
- Be sure to continue making your payments until we let you know if your deferment request has been approved.
- You can re-request a deferment of your student loan every 12 months until you hit your maximum allowed.
See a video about the subject.
In “Before You Defer Your Student Loans, Watch This”, Rachel Cruze advises against viewing deferred student loan payments as a form of forgiveness and warns that it only prolongs debt payment with interest. She suggests that deferring payments may be an acceptable route if a person experiences financial difficulties, but it is crucial to focus on stockpiling cash and avoiding additional debt payments until the crisis is resolved. Once a person’s income is secure, Cruze recommends that they continue on the path to financial security by following Baby Steps.
People are also interested
Hereof, Is there a limit on student loan deferment?
You can receive this deferment for up to three years. Complete the Unemployment Deferment Request. If you received federal student loans before July 1, 1993, you might be eligible for additional deferments. For more information about these deferments, contact your loan servicer.
Keeping this in view, What happens if you keep deferring student loans?
Answer to this: Student loan deferment allows you to stop making payments on your loan for up to three years but does not cancel the loan. You must apply and qualify for deferment unless you are enrolled in school at least half-time. Interest on federally subsidized loans does not accrue during the deferment.
In this regard, Can I apply multiple times for student loan forgiveness?
Response: Depending on a borrower’s specific circumstances, it is possible to apply for multiple student loan forgiveness programs to maximize the available benefits.
Besides, Does deferring your student loans hurt your credit? Response to this: A student loan deferral doesn’t directly hurt your credit score. However, it doesn’t help it, either. Depending on your situation, a loan deferral might not be the optimal strategy for dealing with your student debt.
Subsequently, How long can I get a student loan deferment?
The response is: You can receive this deferment for up to three years. Complete the Unemployment Deferment Request. If you received federal student loans before July 1, 1993, you might be eligible for additional deferments. For more information about these deferments, contact your loan servicer.
Simply so, What are the different types of federal student loan deferment? The response is: Here are the most common kinds of federal student loan deferment: An in-school deferment pauses your loan payments when you’re enrolled in an eligible college or career school at least half-time, including graduate school, as well as six months after you graduate or leave school. Those six months are also known as the student loan grace period.
Can I defer my student loans if I’m active duty?
Answer to this: If you’re called up for active duty due to a war, national emergency or military operation, you could qualify to have your student loans placed in deferment while you’re engaged elsewhere. This deferment lasts until 180 days after the specific event, such as a deployment, has ended.
Thereof, Should student loan borrowers consider a deferment or forbearance?
Student loan borrowers struggling to make payments should compare these solutions when seeking relief. Deferment or forbearance may mean a longer repayment term in the long run, but either can be a lifeline for a struggling student loan borrower determined to avoid delinquency and default. (Getty Images)
Also Know, How long can I get a student loan deferment?
You can receive this deferment for up to three years. Complete the Unemployment Deferment Request. If you received federal student loans before July 1, 1993, you might be eligible for additional deferments. For more information about these deferments, contact your loan servicer.
In this manner, What are the different types of federal student loan deferment?
Here are the most common kinds of federal student loan deferment: An in-school deferment pauses your loan payments when you’re enrolled in an eligible college or career school at least half-time, including graduate school, as well as six months after you graduate or leave school. Those six months are also known as the student loan grace period.
Correspondingly, Should student loan borrowers consider a deferment or forbearance?
In reply to that: Student loan borrowers struggling to make payments should compare these solutions when seeking relief. Deferment or forbearance may mean a longer repayment term in the long run, but either can be a lifeline for a struggling student loan borrower determined to avoid delinquency and default. (Getty Images)
Can I defer my student loans if I’m active duty?
Response will be: If you’re called up for active duty due to a war, national emergency or military operation, you could qualify to have your student loans placed in deferment while you’re engaged elsewhere. This deferment lasts until 180 days after the specific event, such as a deployment, has ended.