Student loan deferment is essentially suspending or postponing your monthly payments on your student loans and in some cases, you are not even charged interest during this time period. You may have heard of it when you first applied for your loan with your lender, which lenders often boast the benefit of student loan deferment while in school meaning you don’t have to pay monthly payments until your are done with school and/or after the grace period, which is one of many ways to defer student loans. Student loan deferment can’t be used by just anyone though, there are certain specifications that you must meet in order to qualify. The next section will tell you all about the different types of student loan deferment so you can know what it takes to defer you loan payments.
Student Loan Deferment – Different Types
- Education Deferment – As spoken of above, this option requires that your school certifies the fact that you are at least enrolled in a half time school schedule, and is only applicable if you stay in a half time or more schedule.
- Deferment in Public Service Jobs – Certain public service jobs can also bring you student loan deferment. Deferment programs are offered in public service jobs like Americorps and Peace Corps, Army or Navy, some volunteer jobs and public service jobs in the health related profession among others.
- Disability – Student loan deferment can be used when one is disabled and can prove so. You must be unable to go to work because of the injury or disablity for at the least 60 days, and the disability must have happened after you got the student loan. Other types are mothers who are experiencing complications in their labor, have a loved one who requires your help or care for over 90 days which requires you to postpone the work at your job, in a rehab program, among others. To quaify for this type of student loan deferment it is necessary to prove the above disability types by verification.
- Family – Mothers who are either going back to work or a left work on a parental leave situation are also able to get their student loans deferred. This can also be used by those who are caring for children who were just born or are pregnant, as well as just adopted a child.
- Economic Hardship – You can qualify for student loand deferment by proving things like: you are receiving public assistance aid, have loan payments that equal at least 20 percent of your income, working at least 30 hours each week and earning minimum wage, giving your service to the Peace Corps or intending on doing so in the near future.
- Unemployment – You can receive student loan deferment in this category if you show that you are either are actively looking for full time work, if you are a resistered client at a local unemployment agency which must be at the most 50 miles away from you, be looking for full time work during a 6 month period of your student loan deferment time.
Student Loan Deferment Conclusion
Student loan deferment is a viable option to consider if you are going through a ruff time as it can provide stress relief when it comes to not having to make your payments for a while. As you can now tell there are many different types of student loan deferment that you can use and should be used immediately if you qualify. For more information about student loan dererment the best thing to do now would be to contact your lender and explain to them your current situation.