Are there any private student loan lenders that offer deferred repayment options?

Yes, in Virginia there are private student loan lenders that offer deferred repayment options. Deferment is a way to put off loan payments temporarily when experiencing a financial hardship, such as unemployment or underemployment. Private student loan lenders typically offer deferment for up to three years, although the details may vary from lender to lender. When looking at private student loan lenders, students should ensure that the lender offers a deferment option. During the deferment period, interest might still accrue. This can cause the total loan balance to increase, so it is important to know how much interest is being charged. It is also important to know the terms of the deferment. In Virginia, borrowers should also note that some private student loans may have less flexible deferment policies than federal loans. As such, borrowers should carefully read all the information provided by lenders before signing the loan agreement. To help make the process of finding the right lender easier, students can work with a student loan consultant to find the best options for their specific financial situation.

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