Student Loan Deferment

Getting a student loan deferment is an option provided to new college graduates who find that the repayment of their student loans will be hindered in some way. Since the period of grace on student loans following graduation is six months, the primary reasons to ask for student loan deferments are usually a situation of being unable to get a job. Other reasons are that although a job is secured, the pay is insufficient to meet the amount of the payments established by the lender. Another cause for requesting a deferment would be emergency circumstances such as health problems or medical bills. Circumstances can vary greatly between requests, and the lender is usually accommodating, subject to viable proof of need.

Lenders realize that not all graduates will be able to meet the amount of scheduled payments when they end their six month grace period. It isn't an uncommon request to have student loan deferments requested. It isn't a privilege to be abused however, and the lenders will require specific documentation to approve. Also, the conditions of economic hardship or lack of full-time employment are only eligible for student loan deferments for up to three years. Continued study at least at half-time credit hours or in a graduate fellowship will also qualify, but proof of enrollment is required each semester.

If the repayment period has begun, it is important to continue to make the monthly payments until the request for a student loan deferment is approved and documented. Otherwise, if the payments are stopped prematurely after the initial filing for, the loan will be considered to be in default and the problem now becomes accentuated for the borrower. Staying in close contact with the lender is an all important issue to assure that requests are approved and completely in place before stopping the monthly payments.

Getting financial aid to assist going to college is a privilege not to be abused or taken for granted. These loans are special by their deferred nature and lower interest rates, and their use is to be carefully undertaken. Requesting a student loan deferment is not a reason to think that the loan can be ignored forever, either. It is simply another special opportunity to better oneself through the higher education they afford. Repayment is a responsibility to be fulfilled, even if it "hurts." Jesus knew the difficulty of fulfilling a responsibility, even unto death as repayment, and in His case, FOR someone else's debts. But He noted, "Think not that I am come to destroy the law... I am not come to destroy, but to fulfill" (Matthew 5:17). He paid for our debts by doing it by the law. Therefore no one could give an excuse that would deter His purpose.

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