How to apply for student loan Deferment
The lenders listed in the table below are Credible’s recognized partner lenders who specialize in consolidating student loans. You may fill out a single form to seek prices from all of them because they all compete for your business through Credible.
You may then contrast all of your alternatives side by side. Requesting rates is free, has no impact on your credit score, and does not require sharing your personal information with our partner lenders until you find a product you want.
Your ability to manage your student loan payments and prevent a rising amount from delaying payments may be improved by increasing your income. You may make additional money by working longer hours for free, requesting a wage increase, being promoted, or starting a side business.
In order to find out how to postpone your student loans, contact your lender as the loan deferral procedure for private student loans might differ by lender. To find out what to do next,
call the customer support number shown on your loan servicer’s statement or online account. Typically, you must provide your lender with confirmation of your eligibility, such as paperwork for your receipt of unemployment benefits.
If you return to school at least part-time or begin an internship, clerkship, fellowship, or residency with Sallie Mae loans, you are eligible to petition for deferral.
The relevant paperwork may be downloaded from the Sallie Mae website in such a scenario. Remember to keep up your loan payments until your request for a deferral is granted.
Forbearance and deferral options are already available from some lenders. For instance, Sallie Mae enables you to postpone payments if you’re going back to school, pursuing an internship,
or accepting a residence. One of the few private lenders, the Rhode Island Student Loan Authority (RISLA), provides an income-based repayment plan.