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Student Loan Deferment

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    In most cases student loan payments are not payable until after college graduation. There are 5 different student loan deferment categories. All of these different types of deferment apply to those students who have taken out Federal Stafford Loans, PLUS and Consolidated Student Loans. The 5 different types of student deferment are Education, Economic, Disability, Family Related and Public Service.

    Education Deferments refers to a studentís enrollment status. For example, if the student is still in College then the loan wonít become due until you graduate. This type of deferment is often called in school deferment. In order to qualify for this deferment you have to have an active Federal Stafford Loan, Supplemental Loan, PLUS or Consolidated Loan. Your College has to certify your enrollments as either full time or part time student.

    Economic Deferment breaks down into two sections, the economic hardship and the unemployment hardship. You have to show that you are experiencing financial hardship or that you are unemployed. To qualify for this deferment you have to be granted the Economic Hardship Deferment under the Federal Direct or the Federal Perkins Loan Program. You must be getting public assistance, you must be working at least 30 hours per week and your total wage must not be any higher than minimum wage.

    To qualify for Unemployment Hardship you have to any an existing Federal Stafford, Supplemental, PLUS or Consolidation Loans. You must be actively looking for full time employment. You will also have to register with an employment agency within a maximum of 50 miles from your home or College.

    For Disability or Rehabilitation Deferment you must have an active Federal, Supplemental, PLUS or Consolidating Loan. To qualify, you must be unable to work or attend school for at least a minimum of 60 days to recover from being sick or an injury. You must be a high risk pregnancy with complications or you have to have a dependant or spouse that requires 90 days of nursing or care. The care must be stopping you from working full time.

    For Family Leave Student Loan Deferment you have to be pregnant or caring for a newborn or adopted child. You have to be unable to attend school or you must be a part time student from six months after the application was filled out. For Public Service Student Loan Deferment you must be active in the Military, Public Health, NOAA (National Oceanic & Atmospheric Administration. You must be enrolled in the Peace Corps or a Tax Exempt Organization.

    If you are in need of a Student Loan Deferment Forms you can contact your loan lender. They will have the forms and any information that you may need in order to complete these forms properly. If you start to fall behind on your payments, ask for these papers, donít wait. The last thing you want to do is default on a student loan, it could affect your credit history in the future. Read all of the terms of the loan before you sign anything, discuss any questions or concerns that you may have with your lender.
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