A deferment is a delay in your student loan monthly payment.
When your lender approves a deferment they are agreeing to allow you to suspend your payments for a period of time, meaning they are not a permanent order and you will have to resume paying at some point in the future. Deferments are typically granted for factors like returning to school, changing fields in your career, starting your own business and others. Deferments are subjective to an application and approval process, which can make them difficult to obtain.
Those that do not qualify for a deferment, but that are experiencing financial hardship in repaying their loans may qualify for a forbearance instead. If you have questions about your eligibility for a deferment or need help applying for one, our student loan lawyers can help.
Contact us at 817.616.1629 to schedule your initial consultation.