What is a deferment application?

A loan deferment allows you to temporarily halt making payments on the principal (and interest, if your loan is subsidized) of your loan. To apply for a loan deferment, you can submit a deferment request directly to your loan servicer, or your school’s financial aid office in the case of Federal Perkins Loans.

What is a deferment amount?

A deferment is a temporary pause to your student loan payments for specific situations such as active duty military service and reenrollment in school. If you don’t pay the interest as it accumulates, it will be added to your loan balance, which will increase the amount you have to pay.

Are there restrictions on how I can spend my student loan money?

You can also use student loans for living expenses. You’re limited to borrowing the school’s cost of attendance — that’s tuition and fees, books and supplies, room and board, transportation, and personal expenses —minus any aid you receive.

How do I get a deferral on my student loan?

Request a Deferment. Most deferments are not automatic—you need to submit a request to your student loan servicer, often on a form. Also, for most deferments, you must provide your student loan servicer with documentation to show that you meet the eligibility requirements for the deferment.

When to apply for a Parent PLUS loan deferment?

Parent PLUS Borrower Deferment Request. This may apply if you are a parent who received a Direct PLUS Loan or a FFEL PLUS Loan, while the student for whom you obtained the loan is enrolled at least half-time at an eligible college or career school, and for an additional six months after the student ceases to be enrolled at least half-time.

How can I get a deferment on my Sallie Mae loan?

You can request a deferment for a Smart Option Student Loan ® or a Sallie Mae graduate student loan if you’re enrolled full-time or half-time. Your school will need to verify that you’re enrolled at least half-time. If your school is listed at studentclearinghouse.org, they’ll verify it electronically.

When do you get an in school deferment?

An in-school deferment pauses your loan payments when you’re enrolled in an eligible college or career school at least half-time, including graduate school, as well as six months after you graduate or leave school. Those six months are also known as the student loan grace period.