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Loan Deferment is condition that allows a student to halt payment on a loan. In addition, during a student loan deferment, the loan will not grow due to interest charges. Stafford, Perkins and PLUS loans are eligible for deferment. There are three general categories of loan deferment:
- In School Deferment - As long as the student is attending school at least half-time, payment on the student loan can be deferred.
- Unemployment Deferment - Students with outstanding loans may be eligible for an unemployment deferment for up to three years after they halt attendance at a school.
- Economic Hardship Deferment - The student borrower must demonstrate need via a statement of annual earnings that are below certain wage income guidelines established by the Bureau of Labor Statistics. The student is eligible for an economic hardship deferment for up to three years and must reapply each year.
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