What are the requirements to receive student loan deferment?

A student loan deferment is a way to temporarily suspend repayment of a student loan. It is designed to provide financially strapped borrowers with an opportunity to postpone their loan repayment while they get back on their feet financially. In order to be eligible for a student loan deferment in New Mexico, borrowers must meet certain criteria. The most common type of deferment is an economic hardship deferment, which can be requested in the event the borrower is experiencing financial hardship due to unemployment, economic difficulty, or other extenuating circumstances. To qualify, borrowers must prove that they are either currently unemployed, have experienced a reduction in income, or are dealing with a pending financial hardship due to a natural disaster. Additionally, borrowers may qualify for an in-school deferment, which allows borrowers to postpone payments until they have finished their course of study. Under this type of deferment, borrowers must be enrolled in at least half-time in an accredited school. Borrowers who are enrolled in an approved graduate fellowship program, rehabilitation training program, or a teacher certification program can also qualify for a deferment. Finally, borrowers may qualify for a military deferment. Under this type of deferment, borrowers who are on active duty military service, or who are in the National Guard or a Reserve unit, can request to postpone their loan repayment for a period of time. The requirements for a student loan deferment can vary depending on the type of loan and the state in which the loan was taken out. In New Mexico, borrowers should contact their loan holder to discuss eligibility requirements and apply for a deferment.

What are the requirements to receive student loan deferment?

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