How to Get a Deferment for Student Loans
Student loans can be a significant financial burden, especially for recent graduates who are just starting their careers. However, if you find yourself in a situation where you are unable to make your monthly student loan payments, you may be eligible for a deferment. A deferment allows you to temporarily pause your loan payments, giving you some breathing room to manage your finances. In this article, we will discuss how to get a deferment for student loans and the types of deferments available.
1. Understand the Different Types of Deferments
Before applying for a deferment, it is essential to understand the different types available. The most common types of deferments include:
- Income-Driven Repayment (IDR): This type of deferment is based on your income and family size. If your income is below a certain threshold, you may qualify for an IDR deferment.
- Employment-Based Deferment: If you are employed in a public service job, non-profit organization, or certain other jobs, you may be eligible for an employment-based deferment.
- Health-Care-Based Deferment: If you are enrolled in a health-care training program, you may qualify for a health-care-based deferment.
- Graduate or Postgraduate Studies Deferment: If you are enrolled in a graduate or postgraduate program, you may be eligible for a deferment.
- Unemployment Deferment: If you are unemployed, you may be eligible for an unemployment deferment.
2. Gather Required Documentation
When applying for a deferment, you will need to provide certain documentation to verify your eligibility. This may include:
- Your loan information, including the loan servicer’s contact information
- Proof of enrollment in a graduate or postgraduate program
- Proof of employment in a public service or non-profit organization
- Proof of enrollment in a health-care training program
- Proof of unemployment or financial hardship
3. Contact Your Loan Servicer
Once you have gathered the necessary documentation, contact your loan servicer to begin the application process. Your loan servicer will provide you with the necessary forms and instructions on how to apply for a deferment.
4. Complete and Submit the Application
Complete the deferment application provided by your loan servicer and submit it along with any required documentation. Be sure to review the application carefully to ensure that all information is accurate and complete.
5. Follow Up
Remember that while a deferment can provide temporary relief from your student loan payments, it is crucial to make arrangements to resume payments once your deferment period ends. Failure to do so may result in late fees, increased interest rates, and a negative impact on your credit score.
In conclusion, obtaining a deferment for student loans can be a valuable option for those facing financial difficulties. By understanding the types of deferments available, gathering the necessary documentation, and contacting your loan servicer, you can take the necessary steps to secure a deferment and alleviate some of the stress associated with student loan debt.
