Student loan deferment is a process of deferring the loan such that for a certain period of time you won’t have to pay anything back for that loan.  There a number of student loan deferment options, based on specific circumstances.  While you have to apply for student loan deferment, you can usually get one when you are experiencing financial hardship.

The US government understands that students often have difficulty paying back their loans, and for this reason, it offers varying forms of deferment assistance and options.  Assessing which of the following student loan deferment options will best suit each student is a unique and individualized decision at best, however, the following information can be an excellent starting point.

Deferment can be authorized for economic hardship, unemployment, and military deployment, enrollment in school, internship, national service, and similar situations.

Deferment lasts for 12 months, and you must make a fresh application each year if you wish to continue deferring repayment. If your student loan payments equal more than 20% of your gross monthly income, you also may qualify for the federal economic hardship deferment.

While your loan payments to stop the interest will be added to the amount you owe and must be repaid when payments resume. You end up paying more money for the loan, but if it means not going into default, it may be worth it.

These are tuff economic times and you are not the only one having difficulties paying back you student loan, so if you need to take advantage of the deferment option, you should do what is best for you and your family.

Call the bank or the Government agency that is administering your loan and request information on how you apply for a deferment.  They will send you the forms you need to fill out, and if your request is for a legitimate reason, you will be approved.