How To Get A Deferment On A Student Loan

Jan 25, 2024 By Susan Kelly

how to get a deferment on student loan Borrowers may request a deferment on their student loans if they need a break from making payments. Those who are struggling financially, are unemployed, or are students attending school at least part-time may find this resource helpful. While interest may accrue on unsubsidized loans during a deferment period, it does not accrue on subsidized loans. Getting in touch with the loan servicer to request a deferment on student loans is necessary. This organization oversees the borrower's monthly loan payments and can advise them on their deferral alternatives if necessary.

The loan servicer may require documentation of enrollment in an eligible educational institution, unemployment, economic hardship, or other qualifying circumstances. Loan types have different deferment procedures. A few different deferral options are available for borrowers of federal loans, such as Direct Loans, Federal Family Education Loans (FFEL), and Perkins Loans. Borrowers enrolled at least half-time in an eligible educational institution may qualify for a postponement according to their enrollment status, and borrowers facing economic hardship may qualify for a deferment due to their financial situation.

Deferment possibilities for private student loans might be more nebulous and lender specific. If a borrower is interested in learning more about their deferment choices or if they qualify, they should get in touch with their lender immediately. Remember that interest may continue to accrue on some loans, even during a deferment period. Private and federal loans without loan subsidies continue to accrue interest during the deferment term, which can increase the total amount owed after the moratorium ends. Borrowers need to understand how a deferment may affect their loan terms and monthly payments. Borrowers who can temporarily not make their loan payments may be eligible for a deferral. When asking for a moratorium, it's vital to familiarize oneself with the prerequisites and potential effects on the loan balance.

What Is A Deferment Of Student Loans?

how long does it take to get a student loan deferment When borrowers complete the requirements, they can request a deferment on their student loans. Interest on federally subsidized loans may not accrue while the borrower is under deferment. Borrowers can put off making payments on their student loans so they can focus on other pressing financial matters.

Types Of Student Loan Deferments

Borrowers can choose from several different deferment options for their student loans. Borrowers must apply for and be granted each deferment they wish to use, each with its eligibility requirements.

In-School Deferment

Those borrowers who are enrolled at least half-time in an approved post-secondary institution may be able to defer their student loan payments while they are there. Interest on federally subsidized loans may be suspended during the deferment period, and borrowers do not need to make payments.

Unemployment Deferment

Unemployed or underemployed borrowers may request an unemployment deferment from their loan payments. For federally subsidized loans, interest may not accumulate while the borrower is under deferment.

Economic Hardship Deferment

Low-income borrowers may be eligible for a postponement of their loan payments due to economic hardship. For federally subsidized loans, interest may not accumulate while the borrower is under deferment.

Military Deferment

Students summoned to active duty while enrolled in school may be eligible for a deferment of their student loans. For federally subsidized loans, interest may not accumulate while the borrower is under deferment.

Deferment For Parent Plus Borrower

Borrowers with a Parent PLUS loan who are also students can delay making payments while enrolled in school at least half-time.

Deferment Of Rehabilitation Training

Rehabilitation training deferments may be granted to borrowers actively participating in a recognized rehabilitation training program for people with impairments. For federally subsidized loans, interest may not accumulate while the borrower is under deferment.

How To Get A Moratorium On A Student Loan

Borrowers need to contact their loan servicer and fill out a deferral application to put their student loan payments on hold. Depending on the deferment they are applying for, borrowers may be required to show eligibility proof in the form of paperwork. For instance, borrowers seeking an in-school deferment will need to submit proof of current enrollment at an approved school. Borrowers requesting an unemployment delay must submit verification of their joblessness. Keep in mind that until a deferment is officially approved, borrowers are still responsible for making monthly loan payments. Borrowers risk defaulting on their loans and experiencing the negative repercussions of not making payments while waiting for a deferment decision, such as a lower credit score and possibly even a wage garnishment, among other things.


In conclusion, a moratorium on student loans can be helpful for borrowers who need a financial reprieve, have lost their job, or are attending school at least half-time. Contact your loan servicer and verify your eligibility for a deferment with the required paperwork. Although a moratorium can temporarily alleviate loan payment obligations, it is vital to be mindful of the possible impact on the ultimate loan balance, as interest may continue to accrue on certain loan types. Before deciding to request a postponement, debtors should thoroughly examine their loan documentation and weigh all of their available choices.

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