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Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
More Details
A deferment period is a period of time during which a borrower is not required to make payments on a loan. Deferment is often granted to borrowers who are experiencing financial hardship, such as unemployment, economic hardship, military service, or returning to school.
Example
If you experience financial hardship as a result of a pandemic, you may be able to secure a deferment on student loan payments. Once the deferment period is approved, you can stop making payments for the approved amount of time. Payments will resume after this period ends.
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