Both deferment and forbearance can temporarily postpone or reduce required student loan payments, but they are not identical. The eligibility requirements, length, and treatment of interest can depend on the specific loan and the reason for requesting relief.
Deferment is generally available only when a borrower meets certain qualifying conditions. For some types of loans, the government may cover certain interest during qualifying deferment periods, while interest can continue to accumulate on other loans.
Forbearance can also temporarily pause or reduce payments, but interest generally continues to accrue during the period. That means using forbearance for an extended time can increase the overall amount you owe.
Neither option should automatically be viewed as a permanent solution. If you’re struggling to make payments, review your available options and understand how postponing payments could affect your balance. Your specific loan servicer can provide the applicable requirements. You can also review student loan repayment plans when considering alternatives.
