On this page we present Student Loan Deferment conditions for federal student loans.
The most important student loan is the one with lowest interest rate.
Student Loans Quick Link List:
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| Stafford Loans | Perkins Loans | ||
| Deferment Condition | Direct Loans | FFEL Loans | |
| At least half-time* study at a post secondary school | YES | YES | YES |
| Study in an approved graduate fellowship program or in an approved rehabilitation training program for the disabled |
YES | YES | YES |
| Unable to find full-time employment | Up to 3 Years | Up to 3 Years | Up to 3 Years |
| Economic hardship(includes Peace Corps Service) | Up to 3 Years | Up to 3 Years | Up to 3 Years |
| Engages in service listed under discharge/cancellation conditions | NO | NO | YES |
| Active Military Duty while borrower is on active duty during a war or other military operation or national emergency and if the borrower was serving on or after Oct. 1,2007, for an additional 180-day period following the demobilization date for the qualifying service | YES | YES | YES |
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Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
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Important Questions |
Q: What is the best student loan?
Difficult question. There is no such thing as the ultimate best loan, because every student has a different requirement. Sometimes the best student loan could be the one you get, if no other
financial aid is provided. Federal student loans carry low interest rates and can be forgiven. Some of them do not need to be repaid while you're in school.
Q: Do Student Loans Cover Off-Campus Housing?
Yes, in general student loans can be used for anything you want related to college. That's why it's a loan. Grants and scholarships on the other hand have to be used for tuition and books only.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
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Student Loans are a core part of Financial Aid. Both
Federal Government and Private Investors offer student loans.
They could be for Students and Parents.
Student loans are also available for Undergraduates and
Graduates.
Students start applying for Federal Student Loans by submitting the FAFSA Application.
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