Office Hours:
Monday-Tuesday
8:30 a.m. - 4 p.m.
Wednesday
10:00 a.m. - 4 p.m.
Thursday - Friday
8:30 a.m. - 4 p.m.

Deferment and Forbearance

Deferment

Deferment is a postponement of repayment under various, specific circumstances. Keep in mind that you are responsible for the interest during deferment. You can pay the interest during the deferment period, or the loan holder can capitalize the interest when the deferment ends. If you return to school at least half-time before the grace period ends, you may defer loan repayment while you are in school, and you will be entitled to a full grace period when you terminate enrollment or drop below half-time enrollment status. In most cases, you are not granted a deferment automatically. You must formally request one through the procedures your loan holder has established.

Forbearance

If you are unable to meet your repayment schedule there are options. If you are not eligible for deferment, you might be granted forbearance for a limited and specified period of time. Forbearance is when your payments are temporarily postponed or reduced. Like deferment, you must apply for forbearance with your loan holder and wait until you are notified of approval before changing your repayment schedule. You might have to provide certain documentation to support your request.

You may be granted forbearance if you are:

Obligated to make payments on certain federal student loans that are equal to or greater than 20 percent of your monthly gross income.
Unable to pay due to poor health or other unforeseen personal problems.
Serving in a medical or dental internship or residency.
Serving in a position under the National Community Service Trust Act of 1993 (forbearance can be granted for this reason for a FFEL Stafford Loan, but not for a PLUS Loan).

For other conditions, please contact your loan holder.