Financial Services - Cashiers and Student Accounts Office
Deferments
A note regarding Student Deferments:
A borrower is entitled to have the repayment of a Federal Perkins Loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the loan principal. For loans made on or after July 1, 1993, interest does not accrue during any type of deferment.
The Higher Education Amendments of 1988, signed into law on October 7, 1998, extend deferment benefits under the following conditions to borrowers whose NDSL/Perkins loan was issued prior to July 1, 1993. These deferments are in addition to the others listed in your promissory note but can only be granted for periods beginning October 7, 1998.
In order to qualify for a deferment, you must meet the specific eligibility requirements for that deferment type. To apply for a deferment, download and/or print the required form. Complete the form in detail and be sure to include any required authorization or documentation listed in the eligibility requirements section of your promissory note.
Send the form to UAS for processing. Your request will be processed promptly. You will receive notification explaining whether your deferment was applied, rejected, or returned to you for additional information.
The following forms maybe downloaded and printed for you convenience.
Student Deferment form - You maybe eligible for a deferment if you are enrolled at least half-time as a regular student at an eligible accredited institution in the United States, or at a comparable institution outside the United States. If you are attending a school, which will only certify your student status for the current term, you are required to submit a form each term.
Economic Hardship Deferment - You may be eligible for a deferment if you are suffering an economic hardship. You receive payment under a federal or state public assistance program, such as aid to Families with Dependent Children, Supplemental Security Income, Food Stamps, or state general public assistance. Your monthly federal education debt equals or exceeds 20% of your monthly gross income.
Unemployment/Underemployment - You may be eligible for a deferment if you are seeking and are unable to find full-time employment. Also, if you are employed and working less than 30 hours per week.