Basis of School Loan Deferment


School Loan Deferment:

Certain situations like financial crisis, unemployment, willingness to study further often causes hardship in repaying the school loans availed to meet the educational expenses. Deferment is a way by which you postpone the repayment of loans under such conditions. You get time for repayment depending upon the deferment plan applicable to you. Such a deferment facility is available only to students opting for a federal loan consolidation program. This is in addition to the grace term and forbearance facility to the students who face difficulty in repaying the loan amount. Private lenders hardly provide flexible repayment options.

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Types of School Loan Deferment:

Common Deferment Options:

o Unemployed Deferment

o Economic Hardship Deferment

o Graduated Fellowship Deferment

o Rehabilitation Training Deferment

o In-School Deferment

Uncommon Deferment Options:

o Peace corps deferment

o Internship/ Residency program deferment

o Armed forces deferment

o Public health services deferment

o Tax exemption deferment

o Working mothers deferment

o Parental leave deferment

o Teachers shortage area deferment

o Action program deferment

o National Oceanic and Atmospheric Administration Deferment

o Temporary/ Total disability deferment.

Benefits of School Loan Deferment:

The major advantage of deferment is that is provides you the time and the flexibility to repay your debt, which would otherwise result in defaulting payments. It helps you in maintaining your credit score on a positive side by providing the option to repay later / repay the moment you are prepared for it. It offers a number of options to choose from, suitable to your requirement. Each deferment offers different time frames and you are required to sort out your problems and begin repaying either immediately after solving or when the repayment period begins along with interest accumulated till date.

Disadvantage of School Loan Deferment:

The only disadvantage of a deferment program is that till the deferment period gets over interest continues to accrue and becomes a sizeable amount when the repayment period begins. A federally guaranteed loan where the interest is paid by the federal government the students stand to gain from deferment option.


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