Student Loan: What are the different types of Student Loan Deferment?

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The problem arises when you fall behind your loan payment. As such you have the option of Student Loan Deferment. In such cases you loan repayment is delayed on the grounds of five different student loan deferment categories which are Education, Economic, Disability, Family Related and Public Service. These may apply to students who have taken Federal Stafford Loans, PLUS and Consolidated Student.

Looking into the first student loan deferment category, Education deferment is concerned with the student's enrolment status. This type of loan becomes due only after the student has graduated. You are eligible for this kind of loan if you have an active Federal Stafford Loan, Supplement Loan, PLUS or consolidated Loan. Besides the college authorities have to certify you as a full time or a part time student.

As far as Economic Deferment is concerned, it is sub-divided into two categories- economic hardship and the unemployment hardship. For this you have to prove that you are facing financial hardship or are currently unemployed. In addition to this to be eligible for Economic Deferment, you need to be granted the Economic Hardship Deferment under the Federal Direct or the Federal Perkins Loan Program. Besides, you must be getting public assistance and you should be working at least 30 hours per week and the total wage that you earn must be less than a particular minimum wage.

For Disability or Rehabilitation Deferment, it is necessary to have an active Federal, Supplemental, PLUS or Consolidation loans. Besides you should have failed to attend the school for at least 60 days so that you can recover from your injury. There can be other personal reasons as well which might stop you from working full time.

In case of Family Leave Student Loan Deferment, the essential requirement is that you must be pregnant or caring for a new born or adopted child. In addition to this, you should be unable to attend the school or must be a part time student from six months since the application was filled. In case of Public Service Student Loan Deferment, you should be active in Military, Public Health, NOAA (National Oceanic and Atmospheric Administration). Another requirement is that you should also be a member of Peace Corps or a Tax Exempt Organization.

Thus if you wish to go for Student Loan Deferment then you can search for lenders and contact one. The next step is to obtain and fill out the required forms. Submit these forms before the due date. You must not take any chances with your loan repayment since this can affect your credit history in the future. It is also quite essential to rest your queries and doubts by talking to your lender. Go through a specific document carefully before signing it. I am sure this plan can be of great help to you.