Get Unemployment Deferment Form - Great Lakes Higher Education ...

To be eligible for forgiveness, you must be employed full time by a qualifying employer at the time you make each of the 120 qualifying payments, when you apply for loan forgiveness, and when you receive loan forgiveness.

Both deferment and forbearance allow you to temporarily postpone or reduce your federal student loan payments. The difference has to do with interest accrual (accumulation). During a deferment, interest doesn't accrue on some types of Direct Loans. During a forbearance, interest accrues on all types of Direct Loans.

Private Student Loans. With both federal and private student loans, unemployment doesn't change the terms of your loan. Interest will continue to accrue on your balance, and your full payments are still due as originally scheduled.

Applying for an unemployment deferment You will need to submit an unemployment deferment application to your student loan servicer to receive this postponement. With your form, you must do one of the following for approval: Attach proof of unemployment benefits.

With federal loans, you are eligible for deferment while you are unemployed or unable to find full-time employment for up to three years. During deferment, you are not responsible for paying interest on the following loans: Direct Subsidized Loans.

You are eligible for this deferment if you're enrolled at least half-time at an eligible college or career school. If you're a graduate or professional student who received a Direct PLUS Loan, you qualify for an additional six months of deferment after you cease to be enrolled at least half-time. Important!

You can get a deferment for up to three years on your federal student loans if you're unemployed or unable to find full-time employment. Deferments are available for federal student loans, but not always for private student loans.

An unemployment deferment allows you to postpone repayment of federal student loans for up to 36 months. To qualify, unemployed student borrowers must be receiving unemployment benefits or working part time while seeking full-time work.