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How Do I Defer My Student Loans?

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Many people take student loans to finance the expenses that they face during their teaching life, but repayment can take decades. The repayment of student loans usually begins after graduation, but there are still people who have to pay when they are students. Both students who have to pay student loans and who do not find a job after graduation want to defer their student loans. So the question comes to mind; How do I defer my student loans?

In addition, people who have difficulty paying student loans (such as people who are too sick to work) want to defer student loans. Some people are reluctant to pay student loans. So they try to defer student loans or to forbearance. However, this may not be necessary or appropriate. They also think, ‘How do I defer my student loans?’ although the question comes, it does not make sense to defer their student loans. Because these people, especially if they have federal student loans, can use many payment options instead of deferring.

Do I have to defer my student loans?

It is more logical for people to ask the question ‘do I have to defer my student loans‘ instead of first asking ‘how can I defer my student loans’? The answer to this question may vary depending on your situation. For example; If you have federal student loans and have difficulty paying, you can switch to income-driven repayment plan. The government offers 4 income-driven repayment plan options where you can make monthly payments based on your family size and income. If your income is really low enough, your monthly payments may be as low as $ 0.

In income-driven repayment plans, you need to provide the updated family size and income information for recalculation every year. However, if your income has decreased due to an abrupt situation, you can revaluate your income at any time to ensure that your monthly student loan payment is reorganized. If these conditions also apply to you, you should stop questioning ‘how can I defer my student loans‘ and proceed to income-driven repayment plans.

In what situations can I defer my student loans?

There are cases where the government deems appropriate and permits to defer student loans. You can enjoy these rights by paying attention to whether these situations are appropriate for you. However, take advantage of these rights if you feel you are eligible to pay for your credit. The federal government will allow you to defer the following conditions;

  • Armed Forces Deferment;

If you think that I can defer my student loans with this option, you must have the following conditions;

  • You serve on active military duty in the National Guard or Armed Forces.
  • Consolidation loans do not qualify for this deferment.
  • Your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers.
  • Your PLUS loan must have been disbursed before August 15, 1983.
  • You are serving in due to a national mobilization.
  • You are serving in a reserve component of the Armed Forces or the National Guard in a full-time capacity for a period of at least one year.

If you think how long I can defer my student loans with this option, the maximum period is 36 months.

Domestic Volunteer Deferment;

If you think that I can defer my student loans with this option, you must have the following conditions;

  • You are a full-time, paid volunteer for an ACTION (Domestic Volunteer Service Act of 1973, VISTA, or AmeriCorps) program for more than a year.
  • Consolidation loans do not qualify for this deferment.
  • Your first Stafford or SLS loan must have been disbursed before July 1, 1993, or for parent borrowers.
  • Your PLUS loan must have been disbursed before August 15, 1983.

If you think how long I can defer my student loans with this option, the maximum cumulative period is 36 months.

  • Economic Hardship Deferment;

If you think that I can defer my student loans with this option, you must have the following conditions;

  • You receive public assistance, serve in the Peace Corps, or make less than the minimum wage or poverty guideline.
  • Your first loan must have been disbursed on or after July 1, 1993 and you are serving in the Peace Corps or you are receiving payments or benefits under a federal or state public assistance program or you are working full-time but earning a monthly income that is less than the minimum wage rate or 150% of the poverty guideline for your family size, whichever is greater.

If you think how long I can defer my student loans with this option, the maximum cumulative period is 36 months.

  • Full-Time Teacher in a Teacher Shortage Area Deferment;

If you think that I can defer my student loans with this option, you must have the following conditions;

  • You teach in a designated teacher shortage area.
  • Consolidation loans and PLUS do not qualify for this deferment.
  • This deferment is available to borrowers whose SLS loan was disbursed on or after July 1, 1987, but before July 1, 1993.
  • This deferment is available to borrowers whose first Stafford.

If you think how long I can defer my student loans with this option, the maximum cumulative period is 36 months.

  • Graduate Fellowship Deferment;

If you think that I can defer my student loans with this option, you must be engaged in full-time study in a graduate fellowship program or you must have received your undergraduate degree.

If you think how long I can defer my student loans with this option, there is no cumulative maximum time limit.

  • Rehabilitation Training Deferment;

If you think that I can defer my student loans with this option, you must be enrolled in an approved rehabilitation training program for the disabled.

If you think how long I can defer my student loans with this option, there is no cumulative maximum time limit.

  • School Deferment;

If you think that I can defer my student loans with this option, you must have the following conditions;

  • You must be enrolled at least half-time at an eligible school.
  • Applies to PLUS loans.

Student loan deferment continues during registration and six months after registration ends. If you think how long I can defer my student loans with this option, there is no cumulative maximum time limit.

  • Unemployment Deferment;

If you think that I can defer my student loans with this option, you must be actively seeking but unable to find full-time employment in the United States.

If you think how long I can defer my student loans with this option, the maximum cumulative period is 36 months for borrowers who have received their first loan on or after 1 July 1993, or 24 months for others.

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