Contact the lender to learn about your deferment options. A loan specialist can tell you whether or not you qualify for a deferment ,based on your current financial situation. For example, you may qualify for a deferment if you are currently unemployed, disabled, working fewer hours at work, enrolled in school at least part-time, completing an internship or experiencing an economic hardship.
Confirm that you understand the terms of the deferment. The loan specialist should inform you of important details, such as fees involved with processing your deferment request, length of the deferment and whether or not interest will keep accruing on your private student loans during the deferment period. Be sure to let the loan specialist know if you have specific questions about the application process. It is better to ask questions in the beginning rather than have your application rejected due to inaccurate or incomplete information.
Apply for the appropriate deferment. You may have the option to complete your application online on the lender's website, over the telephone, via fax or through postal mail. Be sure to send your lender the required supporting documentation to accompany your application, such as a copy of your paycheck stub, unemployment compensation statement, disability award letter or a certified letter from your school verifying your enrollment.
Receive a response from the lender about your application. It may take up to two weeks for your lender to notify you with the status of your deferment request. Please be patient with the lender because many students apply for deferments throughout the year.
Verify that your private student loans are in deferment. You should be able to view your account information on the lender's website or obtain your account details over the telephone through an automated system. You should also ensure that the lender has updated your account status with the three major credit bureaus--TransUnion, Equifax and Experian.