Sometimes life gets in the way of our plans even our plans to pay off education loans. If you are having difficulty making your monthly student loan payments, a deferment may help. A deferment allows you to defer or postpone your scheduled monthly payment. A deferment may apply to a Federal Family Education Loan or a Federal Direct Loan.
Federal regulations govern deferments.
You also may request a deferment when the grace period expires on your Federal Stafford loan. Deferments for borrowers with at least one loan disbursed prior to July 1, l993. These borrowers have 16 types of deferment options. Deferments for borrowers whose first loan was disbursed on or after July 1, l993. These borrowers have five deferment options.