Deferment vs. forbearance: Which is best for your student loan?
Deferment and forbearance both allow you to hit pause on your federal student loans.
Former Bankrate editor Chelsea Wing specializes in student loans, financial aid and college budgeting. Despite growing up in Washington, Chelsea attended the University of Iowa for college — so she understands the realities of chipping away at expensive out-of-state tuition. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.
Chelsea currently lives in Seattle. In her spare time, she enjoys writing, travel and musical theatre.
Chelsea has edited hundreds of articles for Bankrate and enjoys covering both news pieces and long-form guides. She helped develop the Bankrate Best Value Colleges guide and has monitored student loan forgiveness efforts since early 2020.
Chelsea has been working as Bankrate’s student loans editor since early 2020. Prior to joining Bankrate, Chelsea was the insurance and finance editor at Reviews.com, where she specialized in covering life insurance.
Deferment and forbearance both allow you to hit pause on your federal student loans.
Your options with private student loans are more limited than with federal loans.
Former students of ITT Tech, DeVry and Kaplan may receive loan relief.
First-generation students face unique challenges, but the returns are worth it.
The servicer often provided false information to borrowers asking about forgiveness.
Having an adverse credit history could make it harder to get a student loan.
The legislation pays tuition for New Mexico residents attending in-state schools.
If your child needs a student loan, first consider the risks of co-signing.