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OMB No. 18450011 Form Approved Exp. Date 9/30/2018ECONOMIC HARDSHIP DEFERMENT REQUEST William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family Education Loan (FFEL) Program / Federal.

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Related content

Student Loan Deferment | Federal Student Aid
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Key Takeaways. Student loan deferment allows you to stop making payments on your loan for up to three years but does not cancel the loan. You must apply and qualify for deferment unless you are enrolled in school at least half-time.

During your deferment period, you don't have to make monthly payments, but interest will typically still accrue on the loan. And because you're just pausing payments, your repayment term will typically be extended for the same number of months as your deferment period.

This means your balance will increase and you'll pay more over the life of your loan. If you're pursuing loan forgiveness, any period of deferment or forbearance likely will not count toward your forgiveness requirements. This means you'll stop making progress toward forgiveness until you resume repayment.

Federal student loan forbearance usually lasts 12 months at a time and has no maximum length. That means you can request forbearance as many times as you want, though servicers may limit how much you receive.

A student loan deferral doesn't directly impact your credit score since it occurs with the lender's approval. Student loan deferrals can increase the age and the size of unpaid debt, which can hurt a credit score. Not getting a deferral until an account is delinquent or in default can also hurt a credit score.

Lenders will give you a break so that you don't have to start repaying right after graduation or withdrawal from a school. The second category, deferments, are available if you meet certain conditions, such as unemployment or economic hardship, and only if you are not yet in default on your loans.

If you're seeking Public Service Loan Forgiveness (PSLF) or income-driven repayment forgiveness, in most cases deferment will not allow you to make progress toward forgiveness.

The following is a list of different types of deferments: Cancer Treatment. Economic Hardship. Graduate Fellowship. In-School. Military Service and Post-Active Duty Student. Parent PLUS Borrower. Rehabilitation Training. Unemployment.

Depending on a borrower's specific circumstances, it is possible to apply for multiple student loan forgiveness programs to maximize the available benefits. But there are some important considerations that borrowers should factor in.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232