Life University - Deferment Information for Student Borrowers

Financial Aid

DEFERMENT INFORMATION FOR STUDENT BORROWERS

You have a right to postpone repayment if you provide the holder of your loan(s), or its servicing agent, with a request for a deferment together with evidence that verifies your eligibility. Upon request, the holder will provide you with a deferment application that lists deferment categories and eligibility requirements. The types of deferments that are available to you depend on when you first borrowed a FFELP loan (formerly called GSL).

For Federal Stafford and Federal SLS Loans disbursed on or after July 1, 1993, to borrowers with no outstanding balance on a FFELP Loan made prior to July 1, 1993, the following types of deferments are available:

at least half-time study at an eligible school,
provided the program is approved by the Department of Education, pursuing a graduate fellowship program or a rehabilitation training program for individuals with disabilities,
up to three years, while I am conscientiously seeking but unable to find full-time employment,
up to three years, for any reason (in accordance with federal regulations) that has caused me to have an economic hardship.

Deferments for borrowers with an outstanding FFELP loan disbursed before July 1, 1993, include:

full-time study at an eligible school or pursuit of a graduate fellowship program or a rehabilitation program for disabled individuals.
at least half-time study at an eligible school, if I borrow a new Federal Stafford Loan during the deferment period.
active duty status in the U.S. Armed Forces, or serving as an officer in the Commissioned Corps of the U.S. Public Health Service, or an active duty member of the National Oceanic and Atmospheric Administration Corps,
serving as a full-time volunteer under the Peace Corps Act, in an ACTION Program or another comparable program determined eligible for deferment by the U.S. Department of Education,
temporary total disability of the borrower or a dependent,
conscientiously seeking but unable to find full-time employment in the United States,
serving in an internship required to receive professional recognition to begin professional practice,or leading to a post-graduate degree or certificate,
parental leave to care for a newborn or newly adopted child,
full-time teaching in a teacher shortage area as defined by the U.S. Department of Education,
a mother of preschool age children, who is entering or reentering the work force at a salary that is not more than one dollar above the federal minimum wage.

You must notify your Lender when the condition entitling you to a deferment no longer exists.

This information is subject to change as Federal Regulations change.

Contact your LENDER or GUARANTOR for special forms to apply for a deferment.

DEFERMENT INFORMATION FOR PARENT BORROWERS

Parent Borrowers with PLUS Loans that were first disbursed on or after July 1, 1993, and who had no outstanding balance on a FFELP loan at the time are eligible for the following types of deferments:

while parent borrower is enrolled at least half-time at an eligible school,
provided the program is approved by the Department of Education, while pursuing a graduate fellowship program or rehabilitation training program for individuals with disabilities,
up to three years, while conscientiously seeking but unable to find full-time employment,
up to three years, for any reason (in accordance with federal regulations) that has caused the borrower to have an economic hardship.

Deferments for borrowers with an outstanding FFELP Loan disbursed prior to July 1, 1993, include:

while parent borrower is enrolled full-time at an eligible school or pursuing a graduate fellowship program or a rehabilitation program for disabled individuals,
while parent borrower is enrolled at least half-time at an eligible school, if the borrower obtains a Federal Stafford loan for the period of enrollment for which the deferment is sought and has no outstanding FFELP loans disbursed prior to July 1, 1987, for a period of enrollment beginning before July 1, 1987,
while a student for whom the borrower has obtained a Federal PLUS Loan is A) enrolled full-time at an eligible school, B) pursuing an eligible graduate fellowship program, or C) pursuing an approved rehabilitation training program,
while a student for whom the borrower has obtained a Federal PLUS Loan is enrolled at least half-time at an eligible school if the student has a Federal Stafford Loan for the period of enrollment for which the deferment is sought and the borrower has no outstanding FFELP Loans disbursed prior to July 1, 1987, for a period of enrollment beginning before July 1, 1987.
up to 24 months while conscientiously seeking but unable to find full-time employment, or
up to three years while the borrower or dependent is temporarily, totally disabled.

In addition to the above deferments, parent borrowers with an outstanding Federal PLUS Loan(s) made prior to August 15, 1983, are eligible for the following deferments:

while on active duty status in the U.S. Armed Forces or service in the U.S. Public Health Service as a commissioned officer,
while serving as a full-time volunteer under the Peace Corps Act, in an ACTION Program or another comparable program determined eligible for deferment by the U.S. Department of Education, or
while serving in an internship or residency to receive professional recognition to begin professional practice, or leading to a postgraduate degree or certificate.

You must notify your Lender when the condition entitling you to a deferment no longer exists.

This information is subject to change as Federal Regulations change.

Contact your LENDER or GUARANTOR for special forms to apply for a deferment.