Student loan deferment is an agreement between the student and lender that the student may reduce or postpone repayment of a student loan for a designated period.
[1] Deferment or forbearance[2] will prevent the loan from going into default, but may increase the overall cost of the loan.
[3] Students may be eligible for deferment while experiencing financial hardship or unemployment.
[4] The lender may require valid proof of financial hardship and other financial information when the student applies.
[5]