Deferment of federally guaranteed loans is your right under certain circumstances, provided you file the appropriate paperwork with your lender(s). Private educational loan programs are not governed by the deferment provisions for federal loans, but they usually have their own, much more limited, guidelines for deferment and forbearance. Your loan applications and disclosure statements should list the provisions for loan deferment and forbearance. You also may check with your lender to learn what forbearance and deferment options are offered, and how to request them. If forbearance is granted, it is usually for a limited period of time, and interest either accrues or must be paid during that period. You may request forbearance for periods of unemployment or economic hardship. Be sure to request deferment or forbearance as soon as you anticipate needing it, so that your request can be handled in time. If you are delinquent on your loans, lenders are frequently limited in the forms of assistance they can provide, so do not delay in contacting them.
