With the economy continuing to face many different challenges, large numbers of people are turning to student loan deferments as a way to be able to postpone payments on their student loans. Student loans deferment is the process of communicating with your lender the fact that you need to hault making payments on your student loan for a certain period of time. In general all you have to do is contact your lender and ask them for the deferment along with the reason why, then if the reason for your deferment is valid it will be granted for a certain period of time by your lender.
There are several different types of deferments that are offered such as:
- educational deferment: This is when you are asking for a deferment on your student loans because you are going back to school. You have to be enrolled as either a full time or part time student to be able to qualify for this deferral.
- economic deferment: This is when you are requesting a deferment based on economic hardships or you are unemployed. To qualify for this deferment means that you must submit a statement of annual earnings that show your earnings have fallen below the wage standards set forth by the Department of Labor.
- disability deferment: This is where you receive a deferment for an injury or illness and are unable to work. To qualify for this the student should have become disabled or ill after they have obtained the student loan. In the case of injury you must show that you are unable to work or attend class for a period of at least 60 days.
- family or parental deferment: This type of deferment is available for both current and former students. To qualify you have to show that you are pregnant, caring for new born or adopted a child and are unable to work or attend school because of this. In general this deferment can be applied for a maximum of six months.
If you are having trouble being able to make your student loan payments, you may want to consider taking a deferment. Above are some of the more common ones that you have available. Doing this will help you to eliminate another worry that you could have during these challenging times.
