A deferment allows you to reduce or postpone temporarily re payments on the 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 simple tips to balance spending your undergraduate loans with going back to university, attending graduate college, or dealing with an internship, clerkship, fellowship, or residency, a deferment might help.
Deferring re re payments allows 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 opted (in other words., interest, fixed, or deferred). Which means you originally took out your loan, you’ll continue to make those throughout your deferment period if you were making either monthly interest-only or fixed payments when.