When you’re returning to school
There are different requirements for requesting a deferment depending on whether you’re in your separation or grace period or making principal and interest payments. You may be eligible to reduce or postpone your student loan payments in increments of 12 months.
- Request a deferment during your separation or grace period. If you go back to school before your separation or grace period is over (usually six months after you leave school), you continue to make payments as you did in school. Then, when you finish school again, you’ll have a second separation or grace period.
- Request a deferment during your principal and interest repayment period. You can request this deferment if you’re returning to school at least half-time.
When you return to school, your student loan will return to the repayment option you initially chose (i.e., interest, fixed, or deferred). That means if you were making either interest-only or fixed payments when you originally took out your loan, you’ll continue to make those throughout your deferment period.
Most schools send enrollment verification for in-school deferment electronically. You can find out if your school does at www.studentclearinghouse.org. If it doesn’t, you need to request the deferment yourself by submitting the In-School Deferment Form.
- Your school needs to certify that you’re enrolled either half-time or full-time.
- This deferment can be granted in increments of 12 months, up to a maximum of 48 months for a Smart Option Student Loan®.
- Unpaid Interest will capitalize (be added to the loan’s Current Principal) at the end of each 12-month increment.
- You can request that the deferment be removed at any time and then continue to make principal and interest payments.
In-School Deferment Form
When you’re entering an eligible internship or residency program
You can request deferment if you’re accepted into an approved internship, residency, or fellowship program that:
- Requires you to have a bachelor’s degree as a prerequisite for acceptance into the program; or
- Is a supervised training program that:
- leads to a degree or certificate; or
- is required for you to be certified for a professional practice or service.
During the deferment period, your loan will return to the repayment option you initially chose (i.e., interest, fixed, or deferred). That means that if you were paying either interest-only or a fixed payment when you initially took out your loan, you’ll continue to make those through your deferment period.
To request deferment, send us an Internship, Residency, and Fellowship Deferment Form completed by you and an official from your residency/internship program.
- This deferment can be granted in increments of 12 months, up to a maximum of 60 months for Smart Option Student Loans.
- Unpaid Interest will capitalize (be added to your loan’s principal) at the end of each 12-month increment.
Internship, Residency, and Fellowship Deferment Form