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Student Loan Deferment

Student loan deferment can be used in case a borrower fails to make the required payments on the student loan. You should check the terms of your loan to see what the requirements are to qualify for a deferment since every loan has its own requirements under which deferment can be triggered.

Student Loan Deferment Basics

You don't have to make payments on the student loan you have taken when deferment is at place. This means that for a while you will be able to see some cash in your hands or manage the financial hardship in which you have ended up.

In order to get a deferment you have to meet different eligibility requirements. The website of the Federal Student Aid is a good source of information for deferment eligibility.

There are several types of deferments. Unemployment deferments and other career related deferments are two of them. Others include military deferments and in-school deferments. These are only a few of the deferment types. You should check with your financial institution for other deferments for which you can qualify.

Have in mind that some loans continue to charge you interest even though you are under deferment. This however is not likely to happen if the loan is subsidized. As for the unsubsidized loans, you have the option of capitalizing the interest charges.

Finally, even if you don't qualify for student loan deferment you still have other alternatives.

You may consider consolidating your loans, which can in turn lead to restructuring of the monthly payments you make. You can also ask the institution to change your payment due dates to such that are more convenient to you.

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