Perkins Loan - Deferment

A deferment is a temporary postponement of payment. There are several types of deferment that you could qualify for on your Federal Perkins Loan. During a period of deferment no interest accrues.

Student Deferment

You may qualify for a Student Deferment:

• If you are attending a postsecondary school at least half time.
• If you are in a graduate fellowship program approved by the US Department of Education.
• If you are in a rehabilitation training program, for individuals with disabilities approved by the US Department of Education.

Unemployment Deferment

You may qualify for an Unemployment Deferment if you are seeking and unable to find full time employment.

Economic Hardship Deferment

You may qualify for an Economic Hardship Deferment

• If you have been granted an Economic Hardship for a Federal Direct Student Loan or a Federal Family Education Loan.
• If you are receiving payment under federal or state public assistance.
• If your income falls below the poverty guidelines established by the federal government.

There may be other deferments available to you for special circumstances. In most cases, you aren’t just granted a deferment automatically; you must formally request one. Often you will need to complete a deferment form. Please click here to access the deferment form. You’ll need to provide documentation showing you are qualified for the deferment you are applying for. You must continue to make payments on the loan until you’ve been notified the deferment has been approved. Your loan might go into default otherwise.

Forbearance     <<Back to Top

Forbearance is a temporary postponement or reduction of loan payments for a limited and specified period. Forbearance is granted if you are unable to make loan payments and you are not eligible for a deferment. Unlike a deferment, interest still accrues.