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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.
Related Terms
Custodian
A person or entity that holds and safeguards assets on behalf of another entity.
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.
Jumbo Loans
A type of mortgage that exceeds the conforming loan limits set as eligible for purchase by government-sponsored enterprises.