Applying for Student Loan Deferment

Mickey | Financial | Sunday, February 13th, 2011

Most college students are unable to pay for their college education so they work part time and get loans. Loans are such a big help to students. Graduates are not required to pay their loans right away. They have six months to get a full time job before they are required to pay their loans. Private loans are a different story. Majority of students have a lot of student loan debt and this is what troubles them when the collection starts calling. Students who are unable to pay their loans yet may apply for deferment. Keep in mind that deferment is different from settlement like credit card settlement.

What are the requirements when applying for deferment? The first thing to do is to call your student loan lender and ask about their deferment policy. Not every lender has the same policy so it is better to call and ask rather than assume.  You can also look up the information online if your lender has a website which you can visit and check. Most companies allow deferment for people who have incomes below a certain level.

Aside from people with low income, people who teach at public schools in a low income area, people serving the military and people working for non-profit organizations and some other type of public service may also qualify. People who are at school half the time may also qualify for deferment.

There are many options for student loan deferment so choose one which is best for you. Ask for the type of paperwork and documentations needed for deferment. Assemble all the needed documents and fill out all the forms needed. The types of documents vary from one lender to another. Tax returns and pay stubs are additional documents needed for people who are applying for low income deferment.

Submit all the required documentation and application needed for deferment. It may take 90 days for the process to be completed. Make sure to keep payments current while the application is still in process.

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