Finances
Student Loans
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Depending upon which loan program(s) you have borrowed from, you may be eligible for certain deferment, forbearance or cancellation benefits. If you are eligible, you must submit a deferment, forbearance or cancellation request form at least once a year, unless instructed otherwise. DefermentA deferment is a period of time during which you are not required to make loan installment payments while you are engaged in some eligible activity (such as full-time enrollment in school). Most deferments cover both principal and interest, meaning payments are not required and interest does not accrue during the deferred period. However, there are some programs that defer principal only, and interest continues to accrue and must be paid. Remember that you must keep making your monthly payments until you receive notice that your deferment or forbearance has been granted. Federal Perkins Loan ProgramCommon reasons to defer loans made after July 1, 1993* are:
Direct Stafford Loan ProgramSee Direct Loan Servicing Online Health Profession Loans (Federal & Institutional)Use form 5 below to defer your school of medicine loan or HPSL loan while pursuing Advanced Professional Training (residency/internship). ForbearanceFederal Perkins Loan ProgramA forbearance is a temporary postponement of principal payments, not to exceed 3 years, granted by the University of Washington under some conditions if you are willing but financially unable to make the required loan payments. Interest continues to accrue during the forbearance period, and must be paid at least annually. Remember that you must keep making your monthly payments until you receive notice that your deferment or forbearance has been granted. Common reasons for forbearance:
CancellationA cancellation benefit may allow all or a portion of your loan to be forgiven (cancelled) if you engage in certain eligible service occupations. Cancellation credit is given after you complete a year of eligible service. Apply for a deferment at the beginning of your service year, then apply for the cancellation credit at the completion of your service year. Remember that you must keep making your monthly payments until you receive notice that your deferment or forbearance has been granted. Federal Perkins Loan ProgramCommon reasons for cancellation:
Direct Stafford Loan ProgramSee Direct Loan Servicing Online Filing ResponsibilitiesThe deferment process is not automatic. If you are eligible for any of these benefits, you must complete a request form and submit it to the UW Student Fiscal Services Office. You can request a deferment or cancellation form from our office, or you can download a form from the links at the bottom of this page. It is important that you submit your request on time - at the time your regular installment is due. Late fees are charged for forms submitted late, just as they are for late payments.Follow the instructions on the form - be sure to include the type of benefit you are requesting, the period of eligibility, and the appropriate certification signature. You must also sign and date your request form. You will be notified of the results - whether your request was approved or denied - in writing after it has been processed. Deferment Forms
For more information about Deferment, Forbearance and Cancellation, contact the Student Fiscal Services Office. |
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