We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Written by
Hanneh Bareham
Hanneh Bareham, a Certified Financial Education Instructor℠, was a personal finance writer with Bankrate between 2020 and 2024.
Edited by
Aylea Wilkins
Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
Bankrate logoAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
Bankrate logoFounded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money.
Bankrate logoBankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
Bankrate logoYou have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Student loan deferment allows borrowers to temporarily stop making payments on their student loans. Deferment is usually linked to a qualifying event, such as returning to school, serving in the military or becoming unemployed.
During the deferment period, you won’t be required to make payments on your loan, but interest could still accrue. This means that you may come out of a deferment period with a larger balance than before. However, deferment can help ease financial hardship for those who are eligible.
In certain cases, student loan deferment can provide temporary relief from monthly student loan payments, especially when you’re not bringing in income. Almost all borrowers take advantage of automatic deferment while they’re in school, which typically lasts during enrollment and for six months after graduation.
While student loan deferment can be a necessary relief at times, it may not always be the best option for your finances. You could incur thousands of dollars in interest during deferment, making your loan more expensive overall. Even if you qualify for deferment, consider making small or interest-only payments on your loans during that time.
Both private and federal student loans borrowers have options for deferment, but the requirements and details will vary based on the loan type and the lender.
There are several federal student loan deferment programs; if you have a federal loan and you fit into any of these categories, you may be able to qualify.
If you have a private student loan, deferment options depend on your lender — private lenders are not required to offer deferment. However, most lenders offer some type of deferment or hardship option.
Sallie Mae, for instance, offers deferment if you go back to school or start an internship, residency or clerkship. Earnest offers deferment for students going back to school or entering the military. To find out what your lender offers or to apply for deferment, reach out to your lender directly.
Applying for deferment is different for federal and private student loans. Here’s a breakdown of each and where to find the applications.
Few student loan deferments are automatic. Each type has a deferment request form, which you must provide to your loan servicer. You’ll also have to provide documentation proving your eligibility. For example, if you are applying for a graduate fellowship loan deferment, you may need to provide documentation proving that your fellowship is an approved program.
One of the few exceptions to this is if you are currently enrolled in an undergraduate program with federal loans. If you are enrolled in a college, university or career school at least half time, your student loans could be deferred automatically based on your enrollment information. If you are unsure if your student loans have been deferred, contact your school or loan servicer.
The process depends on your lender if you want to defer your private student loans. You typically can apply directly with your lender on its website. In some cases you may need to apply over the phone.
If you can’t find any deferment information on your lender’s website, contact its customer service department, as the payment relief program may be called something else or handled on a case-by-case basis.
Student loan deferment and forbearance can temporarily postpone student loan payments. However, there are some differences.
With loan forbearance, you can temporarily reduce or halt your loan payments, as with a deferment. However, with forbearance, you will be responsible for paying all of the interest that accrues, regardless of your loan type, while interest is waived for subsidized loans during deferment. Forbearance is more common for students who are not necessarily experiencing a qualifying event but still face financial hardship.
| Deferment | Forbearance | |
| Purpose | Postpone loan payment | Postpone loan payment |
| Impact on credit | None | None |
| Interest accrual | None on Perkins and Subsidized Federal Loans | Yes |
| Approval process | Submit the applicable federal deferment request or contact your lender | Submit a forbearance request or contact your lender |
| Eligibility requirements | Varies by lender and deferment type (e.g., in school, unemployed, on active duty) | Varies by lender and forbearance type (general or mandatory) |
| Length | Varies by deferment type and lender, but typically a maximum of three years for federal programs | Varies by lender, but no more than 12 months at a time for federal programs |
If you don’t qualify for student loan deferment, you have other options for repaying your loans.
If you have federal student loans, forbearance may be the next-best option. However, applying for income-driven repayment can also be worthwhile if you’re looking for a long-term solution. Income-driven repayment plans are offered by the federal government and can potentially lower your student loan payments based on your income and family size.
Other options for federal student loan borrowers include Public Service Loan Forgiveness, which forgives your remaining loan balance after you work for a public service employer for 10 years, and a Direct Consolidation Loan, which can extend your repayment period to up to 30 years.
Both private and federal student loans may be refinanced, which is when you replace your existing loans with a new one — often with the intent of getting a lower interest rate or monthly payment. Private lenders may also offer their own forbearance options, though you’ll have to contact your lender for specific details.
If you can’t make your monthly student loan payments, finding the right repayment plan should be a priority to avoid defaulting. To determine what option is best for your situation, speak with a financial advisor or your loan servicer. You can also calculate how long it will take to pay off your student loans and figure out how to budget for your payments with a student loan calculator.
