Student loan deferment is a postponement of making student loan payments for a period of time, generally up to about three years. If the loan is a subsidized government loan, interest does not accumulate during the deferment period, but if it is not, interest may continue to accrue. Making the decision to defer a student loan will depend upon the type of loan, the student’s current and future budget, and what kinds of programs the student may be eligible for. If the student will still be unable to make full payments after the three-year period, another program, like an income-based repayment program or IBR, may be more appropriate to pursue.

Types of Student Loan Deferment

The most useful student loan deferment programs are usually offered for federal student loans. An in-school student deferment enables you to postpone making student loan payments until you are finished with school. An unemployment deferment may be available if the student who graduated is now unemployed. The student must then be looking for work through an employment agency and must re-apply for the deferment every six months. Military deferments can be given to students who are called for active military service. Students being treated for cancer may also be granted a student loan deferment for the period of treatment and six months thereafter. There are many more types of student loan deferment available, so it is wise to look for one that aligns with your specific circumstances.

Qualifications for Student Loan Deferment

For any type of student loan deferment, it is necessary to apply with the lender, whether it is the federal government or a private lender. Whether the loan is subsidized or not is very important to consider here, because the amount of interest that can accrue for an unsubsidized deferment can add up to thousands of dollars. If there will be difficulty making the student loan payments for a long period of time, it’s usually preferable to apply instead for an IBR. This way, you avoid allowing interest to accumulate and end up paying an amount that is a lot less over the years.

Call to Schedule a Consultation With a Minnesota Student Loan Deferment Attorney Today

If you are interested in learning more about student loan deferment, call to schedule a consultation with a Minnesota student loan deferment attorney today. The legal experts at the Hoverson Law Offices, P.A. understand the burden that student loan payments can put on a graduating student. Visit our website at or give us a call at 612-349-2728 and schedule a consultation with our compassionate legal staff. We’ll help you choose the student loan deferment option that’s right for you.