Student Loan Deferment and Forbearance Can Provide Help.

A student loan deferment is when the lender or servicer grants you a temporary suspension of your monthly payments as a way to help you with your student loan debt and bills.

Qualifications for Student Loan Deferment:

• Enrolled in graduate school
• Working less than 30 hours a week or unemployed
• Enrolled in school either half time or full-time
• In an internship/residency program and you can get a
• Temporarily disabled
• Having an economic hardship that causes you to need help
• Providing a public service or in the military or
• You are eligible for a deferment if you are teaching in a teacher-shortage area
• In a rehabilitation training program
• Caring for a newborn or pregnant
• You are paying more than 20% of your gross monthly income on your student loans. This will make you eligible for a deferment

A student loan forbearance will provide you help as it is a temporary suspension of your monthly loan payments that is granted under a certain number of circumstances by your lender/servicer. You still need to, and are responsible for, paying the loan interest that's accrued, so it's always better to try to get a deferment first.

Qualifications for Student Loan Forbearance:

• Temporary Financial Hardship
• You can get a forbearance if you are qualified under the Student Loan Repayment Program administered by the U.S. Department of Defense
• You are a mobilized member of the Reserves or National Guard and are experiencing temporary and unexpected financial hardship, so you need help paying bills
• Currently serves in a Community Service position (AmeriCorps) or National service position.
• Residency or Internship will qualify you for a student loan forbearance.