What are the requirements to receive student loan deferment?

In North Carolina, deferment of student loan payments may be available for borrowers who are facing difficulty in making their payments due to unemployment, economic hardship, or military service. To qualify for deferment, borrowers must provide proof of eligibility and submit a request to the lender. To prove eligibility, borrowers must provide documentation that demonstrates their current status. For example, those experiencing economic hardship must provide income documentation, such as employer statements or recent tax returns. Those who are unemployed must provide proof of unemployment such as a letter from an employer or a government agency. Those who are on active military duty must provide a copy of their military orders. In addition, a borrower must also submit a request to the lender in order to receive deferment. This request should include personal information, such as name, address, and Social Security Number; the date that the loan was taken out, and the reasons for the deferment. The borrower will also need to provide the lender with the necessary documents to prove eligibility. Once the application has been approved, the lender can grant a deferment period of up to three years. During this time, the borrower will not be required to make payments; however, interest may still be accrued during this period. Once the deferment period has ended, the borrower will need to begin making payments on the loan, although the lender may be able to offer other repayment options.

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What are the requirements to receive student loan deferment?

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