How To Defer Student Loans
Learning how to defer student loans is a great relief for students who have the financial hardships, unemployment, struggling financially while employed, a single parent, active in the military or ready to go back to school. Deferring student loans temporarily stop your payments for at six months to a year within a three year period. To save yourself stress from repayment of student loans, follow these steps.
- Contact your lender. To defer student loans, talk to your lender about the several options available that fits your financial situation. They will assist you in choosing which different options are the best according to your situation. Keep in mind different lenders has different options and policies so research first and choose wisely.
- Fill out the deferment form. Once you choose which option to defer your student loans, you are required to answer a few questions to meet the criteria to obtain a deferment, you may need to provide documentation as proof of your situation but it may vary depending on deferment you want to use. Government loans allow you to go online and check the list of deferment forms that are available; you can submit these via online or download the form and send it directly to your lender. Private loans also have deferment options but you must talk to your financial advisor so it is certain you are eligible for deferment.
- Wait for a response. After requesting student loan deferment, you will typically wait two weeks to find out whether you are approved or not. After your approval, keep a good track of your status of what you owe on the loan or the interest that you accrue if you have private or subsidized loans. If you chose these types of loans, you can pay them while in deferment or wait until the deferment period is over although your interests will capitalize and increase the amount you owe.