Deferring your loans while going back to university or planning to graduate college
A deferment allows you to reduce or postpone temporarily re payments on your own loan(s) if you’re going back to university, likely to graduate college, or entering an internship, clerkship, fellowship, or residency.
What exactly is education loan deferment?
If you’re wondering just how to balance spending your undergraduate loans with time for university, attending graduate college, or dealing with an internship, clerkship, fellowship, or residency, a deferment can help.
Deferring re re payments enables you to reduce or postpone your instalments. You won’t have to make principal and interest payments while you’re in school or during your internship, clerkship, fellowship, or residency when you request a deferment of a Sallie Mae undergraduate student loan.
During deferment, your Sallie Mae loans will go back to the payment choice you initially elected (i.e., interest, fixed, or deferred). Which means if perhaps you were making either monthly interest-only or fixed payments once you initially took away your loan, you’ll continue steadily to make those during your deferment duration.
Whenever you defer, interest continues to accrue (grow) while you’re at school, that may raise your loan that is total cost.