Loan Deferment Options

Deferment may be available in the case of unemployment, staying in school full-time or part-time, joining the Armed Services, working in the Peace Corps, or working as a full-time volunteer. Students have a legal obligation to repay student loans regardless of their financial situations; however, lenders may allow a short period of time in which payments do not have to be made, may extend the amount of time during which payments will be made or allow smaller payments than scheduled if the financial need arises.