The burden of student loan debt might seem overwhelming, but you're not alone. In fact, students who recently graduated are typically saddled with a $30,000 debt on average.
However, there are times when life events might make it difficult for students to keep up with their student loan payments. These factors could include a decision to return to grad school or a health issue that keeps them from working. If such is your case, a student loan deferment may be able to alleviate some of the financial strain.
With deferment, you can put off your loan payments for a set period, but interest may continue to accumulate, depending on your lender. If you wish to take a break from payments on Nelnet, keep reading! This article will discuss how to defer Nelnet student loans.
Who Is Eligible for Student Loan Deferment?
Borrowers must meet specific criteria to be eligible for a deferment on government loans. Here are some common student loan deferment options. See if any of these circumstances are relevant to you.
- In-school deferment: You can defer student loan payments while studying if you are enrolled at least half-time in a qualifying college or career school. All direct loans, PLUS loans, Federal Family Education Loans (FFEL), and Perkins Loans are eligible for consideration.
- Graduate fellowship deferment: As a graduate student, you may qualify for a deferment on your student loans until you complete your fellowship program.
- Unemployment deferment: If you cannot obtain a full-time job, you may be eligible for unemployment deferment. You can postpone your student loan payments for three years.
- Cancer treatment deferment: Loan deferment options are available to borrowers undergoing cancer treatment and can be extended for up to six months after completion of treatment.
- Rehabilitation training deferment: If you are participating in an approved rehabilitation training program for the disabled, you may be eligible to defer student loans.
- Economic hardship deferment: If you work full-time but make less than 150% of the poverty line for your family size and state, you can seek deferment of up to three years.
- Military deferment: With a military deferment, you may be allowed to postpone your repayments if you are currently serving in the military. To be eligible, you must have served in a war, military operation, or national emergency.
Applying for a Nelnet Student Loan Deferment
If you need to take a break from your payments and are eligible for any of the criteria above, follow these steps in applying for a Nelnet student loan deferment:
- Enter your account information and click on "Postpone My Payment" to begin the deferment process. You can also call Nelnet at 888-486-4722.
- Each deferment option comes with a specific application and documentation that must be filled out and submitted to prove your eligibility.
- During the deferment period, keep track of accrued interest. You can avoid capitalization by paying accrued interest or even by making tiny contributions toward the balance.
If you're having difficulty making your loan payments due to short-term financial problems, a Nelnet student loan deferment might help you get your finances back in line and maintain a decent credit score. Just follow the steps we've shared to get the deferment process started.