Student Loan Deferment  

Federal Student Loan Deferment Can Really Help You with Your Loans 

Understanding Federal Student Loan Deferment; federal Student Loan Deferment is when you temporarily are not required to make payments on your student loan.  With a subsidized loan, interest does not accrue during the deferment period.  It requires that certain eligibility qualifications be met and the student loan must begin to be repaid after the deferment period has ended. 

Qualification requirements 

There are a number of eligibility requirements that must be met in order to qualify for Federal Student Loan deferment.  The first way to qualify is to re-enroll in college.  This must be at least half-time based on the way your school measures progress in credit hours, whether it is per semester or per year.  For instance, if you school measures quarter hours and uses semesters, trimesters, or quarters, then 6 hours per term would be considered half-time.  Another way to qualify is to study in an approved graduate program that is considered a fellowship, or if one is disabled, an approved rehabilitation training program. In addition to returning to school, one could qualify for deferment by being unable to find full-time employment, and this can continue for up to 3 years.  If one meets the federal definition for economic hardship, he can apply to have the loan deferred.  Another qualification is if the person is called up on active military duty. 

Applying for a deferment 

If you have determined that you meet the qualifications for a Federal Student Loan deferment, then you will want to know how to apply to have your loan deferred.  On the Internet, you can quickly find forms to apply for the deferral for Direct Loans that are specific to the type of loan deferral you desire.  For instance, you can choose the form for active duty military or the one for being in school half-time.  Whether you are unemployed or have an economic hardship, you will find those forms available as well.  However, for Stafford, PLUS, or consolidation loans, you must contact the servicer of your loans to arrange for deferral.  If you don’t remember who your servicer is or what kind of loan you have, or even if you have forgotten how much you have borrowed, you can look online with the National Student Loan Data System using your Federal Student Aid PIN number.  If you have forgotten the PIN number or didn’t have one, an online site can get you back to FAFSA where you can request a PIN, or get a duplicate PIN.  There is lots of help online for the person looking to get a Federal Student Loan Deferment.