Student Loans and Scholarships


A Unit of the Bursar's Office

Deferments/Cancellations

Deferments

A deferment is defined as "a temporary suspension of payments". Payments on Federal Perkins and University Student Loans may be deferred for a variety of reasons. During a deferment period, payments are not necessary since principal and sometimes interest does not accrue. The available deferments vary depending on the type of loan. If you feel that you may be eligible for a deferment, it is your responsibility to apply with our office.

Cancellations

The cancellation (discharge) of your student loan(s) is possible under certain circumstances and if granted, releases you from your obligation to repay all or a specified portion of your student loan(s). Most cancellations discharge your student loan(s) over a period of five (5) years. Cancellation rates vary depending on the type of loan.

The majority of cancellations are discharged in twelve (12) month intervals while you are engaged in a specific service, or discharged in-full, in the event you pass away or become totally disabled.

Once our office receives your application for cancellation, your loan will be deferred until you complete a full twelve months of qualified service. Though your loan may be eligible for a cancellation, it is your responsibility to apply for each twelve (12) month period. It is essential to apply for cancellations on a timely basis. If you make payments during a period, then subsequently apply for cancellation that covers the same time period, the payments will not be reimbursed.

Deferment/Cancellation Eligibility

If you know the type of student loan(s) that you have received, select the loan type(s) and select 'Enter'. The information displayed will assist you in repaying your obligation while taking full advantage of the variety of provisions that student loans offer:

  • available deferments
  • available cancellations
  • eligibility requirements
  • forms/applications
  • instructions on how to apply.

If you question your eligibility or cannot find a solution to meet your needs, please contact us for assistance.



This information is available in alternative format upon request