Deferment, Forbearance & Cancellation

Special circumstances and hardship situations make you eligible for an option to reduce your loan payments.

1. Postponing Repayment

   • Deferment - temporary suspension of your loan payment. (usually without interest charge)

   • Forbearance - postponement of payments by special arrangements for a hardship (with interest charge)
2. Cancellation - loan paid off for permanent disability or death of the borrower; Perkins Loan Program also has cancellation feature for teachers of handicapped or low-income students, Head Start work, qualified law enforcement/corrections officers, Peace Corps or VISTA volunteer work.
3. Military repayment - a portion of your loan is paid off by a branch of the military for enlisted service.

The following Federal web site provides the terms and conditions for obtaining loan deferment, forbearance, forgiveness and discharge loan: http://studentaid.ed.gov.
Select "Repaying Your Loans" and "Postponing Repayment"