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How To Delay Payments On Student Loans

Deferral Of The Amount Due Under Your Student Loan

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You may be able to receive a deferral of payment of a student loan for up to 3 years in the following circumstances:

1. You Are Disabled

Your lender may let you defer loan payments while you are on disability. However, even though your payments are deferred, your balance will continue to increase because interest will continue to accumulate.

For loans obtained before July 1, 1993: If you, your spouse, or one of your dependents is temporarily totally disabled because of sickness or injury, you can defer the payments on most of these loans for up to three years.

The condition must make you unable to hold a job for at least 60 days.

The deferral also applies if your spouse or dependent is sick or injured. In that case, you must be unable to hold a job because the person needs your caretaking for at least three months.

2. You enroll in a rehabilitation program for the disabled.

Payments are deferred until 6 months after the program ends.

3. You are unemployed.

You can get a deferment on most loans if you are unemployed but looking for work.

4. You are experiencing economic hardship.

You can defer payments on federal loans obtained after June 30, 1993 (though Perkins loans can be from any time period) for up to three years for economic hardship. If you take a few minutes to complete our worksheets, you will have an excellent place from which to start this process. (See Financial Planning.)

You are automatically entitled to this deferment if you receive public assistance, such Supplemental Security Income (SSI). To learn more, see Supplemental Security Income.

5. You enroll in school.

6. You become a member of the U.S. Military, the National Oceanic and Atmospheric Corps, or the U.S. Public Health Service.


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