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Contents

How to Consolidate Student Loans

How to Reduce Student Loan Debt

How to Defer Student Loans

How to Apply for Loan Forgiveness

How to Consolidate Your Bills

How to Freeze Your Credit Report

How to Get a Low Interest Rate Credit Card

How to File Taxes Online for Free

How to File for Unemployment

How to File for Unemployment in Texas

How to File for Unemployment in California

How to File for Unemployment in Kentucky

How to File for Unemployment in Michigan

How to File for Unemployment in Nevada

How to File for Unemployment in North Carolina

How to File for Unemployment in Ohio

How to File for Unemployment in Oregon

How to File for Unemployment in Rhode Island

How to File for Unemployment in South Carolina

How to File for Unemployment in Tennessee

How to File for Unemployment in Florida

How to Apply for Financial Aid

How to Apply for Financial Aid at Ohio State University

How to Apply for Financial Aid at New York University

How to Apply for Financial Aid at University of Southern California

How to Apply for Financial Aid for College

How to Defer Student Loans

Applying for deferment of student loans is a viable option if you are having a hard time making payments. This is of course, a better alternative compared to missing out on payments altogether as default loans may mean bigger financial woes later on. When you apply for deferment, your loan payments will be put on hold for a certain length of time, after which you will have to carry on with payments. This is only to give you enough time to save money or deal with your most pressing concerns.

Assessment

You will first need to evaluate your situation to determine if you qualify for loan deferment.

• Are you having financial trouble?

• Are you a new or working mom?

• Are you suffering from any disabilities that keep you from seeking employment?

• Do you plan on studying again? Are you taking up masters or a doctorate degree?

• Are you currently serving in the military?

• Are you currently without a job?

There are other criteria that make up qualifications and lenders’ requirements usually differ, but these are generally the situations that will afford you a deferment. Note that if your loan is on default, your deferment request will not be approved.

Application

Before you officially apply for deferment, it is best to consult your lending agency about interest rates. You will need specifically to determine whether the interest rates of your loan will increase over the time period that it is deferred. When you ask for a deferment of federal loans, interest rates don’t accrue but private lending firms usually impose an increase.

Keep in mind that just because interest rates accrue doesn’t necessarily mean you have to settle payments within the deferment period. The fees will be added to the principal loan amount and will not be imposed until after the deferment has expired. But, it is also a good idea to pay off the accrued interest because this prevents the loan amount from growing into a figure that you can barely manage.

Once you’ve settled this issue, you can now fill out an application form. In some instances, you may be asked to produce certification from an official stating that you indeed qualify for deferment. Once you have prepared all documents, submit them and follow up on your request regularly.

Some Valuable Insights

Just because you’ve satisfied all requirements is no reason for you to get complacent. Be active in monitoring your deferment. Unless you have been officially informed that your deferment has been approved, keep on making those monthly payments. Neglecting payments will negatively impact your chances of getting loans or deferments in the future.

Make sure you keep all records of your deferment and write down end dates. This is important because should you need an extension of the deferment period, you can reapply or opt for a repayment scheme.

Should your request for deferment be rejected, you still have another option. You can apply for forbearance which is essentially the same as deferment but with a significant difference: Interests will increase whether you have a government-subsidized loan or a private one.