How To Defer Student Loans

Can you defer student loans? The answer to this question is yes, you can defer student loans. Sometimes a student may be unable to pay off a loan or keep up his monthly payments. In such cases, students can avail the option of loan deferment and postpone loan payments to a later date. Loan deferment is only possible under a few circumstances where the borrower displays adequate inability to make regular loan repayments due to financial issues. By deferring a loan, a student is able to protect his or her credit score and relieve financial stress for a fixed period of time.

Q:What are Deferred Student Loans?

A:Although a loan may help a students pay for education and fulfill his or her academic goal, they are still required to be paid back with interest. In some cases, students are unable to make loan payments due to an unexpected financial crisis. In such circumstances, the payments can be postponed or delayed through a loan deferment program.

Q:How to defer student loans?

A:You must contact your student loan provider and ask for deferment options. You should not be more than 270 days behind your regular loan payments. It is also required that you prove the need for a loan deferment. The exact process for loan deferment will depend upon the loan company.

Q:What are some of the situations that can defer student loan payments?

A:The type of loan and the loan provider will determine the exact conditions under which you can qualify for loan deferment. Generally, loan deferments are available when the borrower can prove that he or she is facing a qualified economic hardship. Serving in the Armed Services or Peace Corps will also make you eligible for loan deferment. The other two forms are known as graduate fellowship deferment and in-schools deferment.

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