Understand your options. It may be possible to rearrange your due dates or pay a smaller monthly amount rather than deferring your loans completely. Federal loans, in particular, are now eligible for Income Based Repayment (IBR) plans, which allow low-income loan holders to pay no more than a given percentage of their monthly income. Save deferments for last-ditch, emergency situations.
Do your homework. Some loans allow only a certain number of months in deferment over the entire course of the loan. Once you use these months, you will have no more recourse for deferment options. Know the parameters of your particular loan before making the decision to defer. Talk with a loan specialist at the organization funding your loan before making your final decision to defer.
Request and fill out the proper paperwork. You will be required to identify yourself, give your reasons for requesting a deferment, and show proof that you will be able to begin paying your loans on schedule again after the end of the deferment period.
Return the paperwork appropriately. Some loan companies request that the forms be faxed or scanned and emailed; others may ask that the forms be mailed so that they have possession of your original signature. If the company requests a hard copy of the original forms, be sure to retain a copy for your records.
Monitor your progress. Check your status online and/or call the company to ensure that
your paperwork is received and processed properly. Double-check your monthly statements to ensure that the deferment has taken effect and that you are not liable for any balance of payment during the deferment period.
Note the date of the end of your deferment period. After this date, your monthly loan payments will become due again on a regular schedule.