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A deferment gives you temporary relief from making your federal student loan payments and is one of the best solutions when you are struggling to make the payments on time.

It is important to understand that a deferment does not absolve you from your loan responsibilities. It just releases you from making scheduled payments during the deferment period. This allows you to regroup and build up your finances in the interim. However, not all students are eligible for this facility.

In most cases, you may be eligible to defer your student loan under the following circumstances:

  • You are enrolled in a medical internship or residency, a graduate fellowship program, or rehabilitation training
  • You are a working as a full-time teacher in an earmarked teacher-shortage area
  • You serve on active military duty in the Armed Forces or National Guard
  • You volunteer full-time in the Peace Corps for a minimum period of one year
  • You serve full-time in public health services
  • You are disabled or care for someone who is disabled

Each criterion has its own set of eligibility rules, guidelines, and time limits. It is important to find out all the details and read the fine print before you apply for student loan deferment.

Different lenders have different formalities and procedures in place for loan deferment. Set up a meeting with the lender to discuss your options and only then fill in the application form. Most lenders will approve your request if you meet their set eligibility criteria.

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