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Student loan deferment is an agreement between the student and lender that the student may reduce or postpone repayment of a student loan for a designated period.[1] Deferment or forbearance[2] will prevent the loan from going into default, but may increase the overall cost of the loan.[3] Students may be eligible for deferment while experiencing financial hardship or unemployment.[4] The lender may require valid proof of financial hardship and other financial information when the student applies.[5]
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