Deferment allows you to delay payment for a period of time, but it’s only offered under specific circumstances and interest will accrue during this period. If you don’t qualify for deferment, you can look at forbearance options, says David Slater, co-founder of College Benefits Research Group, a Roseland-based college planning organization. “You may be able to stop making payments or reduce your monthly payments for up to 12 months,” Slater says. “You can request forbearance for things like financial hardship and illness.” READ MORE.