Deferments
Once a consolidation has been completed, the borrower may
defer payment of principal during certain periods.
| Deferments available to
the borrower depend on two factors: |
| 1) |
when the borrower’s
Consolidation loan was made |
| 2) |
whether the borrower had any outstanding
principal or interest balance on a FFELP loan on July
1, 1993. |
| If a consolidation loan
is made after July 1,1993 and the borrower had no outstanding
FFELP loans on or before July 1, 1993, the borrower may
be entitled to the following types of deferments: |
| DEFERMENT
TYPE |
DESCRIPTION |
| Education-Related
Deferment |
When
the borrower is enrolled at least half-time at an eligible
school. |
| Unemployment
Deferment |
When
the borrower is seeking, but unable to find, employment. |
| Economic
Hardship Deferment |
When
the borrower is experiencing economic hardship. |
If the consolidation loan is a spousal,
both individuals liable for repayment must simultaneously
meet the requirements to be eligible for the same deferment
or different deferments.
For more information about
consolidations, contact our Consolidation
Representatives
|
Georgia
Cameron
