What Options Are Available For Deferring Education Loan Payments

Deferment of education loan payments provides temporary relief for borrowers facing financial hardships, unemployment, or pursuing further education. This option allows borrowers to pause their payments without accruing additional interest on subsidized loans. Common deferment types include in-school deferment for students enrolled in school, unemployment deferment for job seekers, and economic hardship deferment for those facing severe financial issues. However, unsubsidized loans may still accrue interest during this period. Borrowers must apply for deferment through their loan servicer, and approval depends on meeting specific eligibility criteria, providing much-needed financial flexibility during challenging times.Readmore