Student Loan Deferment vs. Forbearance: What’s the Difference?
If you are swamped with student loan payments, it may be beneficial to look into the differences between student loan deferment and forbearance. Deferment and forbearance both provide temporary relief from making payments on federal loans; however, they differ in some key ways.
When considering whether or not to go for a deferment or forbearance, one of the main differences is that interest does not accrue on subsidized loans during a deferment period but does accrue during a forbearance period. Furthermore, depending on certain qualifying criteria and the type of loan taken out, like Perkins or Stafford loans, different types of deferments and forbearances may be available. Additionally, if you have multiple types of loans each type can have different qualifications for eligibility.
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