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If you have graduated from college, but aren't in a position to begin repaying your student loans, you may need to defer payments on your student loans until your financial situation has changed. This guide to how to get a student loan deferment, will help you learn about the process of requesting a student loan deferment from your lender.
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Step 1: Talk to Your Lender
Each lender has it's own procedures for granting deferments. You may qualify if you:- Are still enrolled in school, either for an additional undergraduate or a graduate degree. You will usually need to be at least a half-time student.
- You are experiencing financial distress.
- A medical condition or disability has prevented you from finding a job.
- You are in the military or the Peace Corps.
- You have recently had a baby
- You are participating in a program such as Teach for America.
Step 2: Economic Hardship Deferment
You will automatically qualify for an economic hardship deferment, which is granted annually for up to three years, if you have previously qualification for economic hardship deferment under another federal loan program or are currently receiving federal or state public assistance benefits. If neither of these situations applies to you, you may still qualify if you meet certain income guidelines.Step 3: Will Interest Accrue During A Deferment?
Interest does not accrue for subsidized loans during a deferment, but it interest does accrue on unsubsidized loans. Some lenders require interest to be paid on unsubsidized loans, but others will also defer the interest adding t to the balance due on the loan.
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