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Note that details provided on this page reference loans made under the Federal Family Education Loan Program (FFELP). Effective July 1, 2010, all new federal student loans will come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). For information regarding Federal Direct Loans, refer to ED's Direct Loan Program Web site or contact the college's financial aid office.
Under certain circumstances, you may find it hard to pay back your loans. Such circumstances may include unemployment, economic hardship, military service, a disability, attending graduate school or going to college part time. If any of these situations prevent you from making payments, you may be eligible for loan deferment. Deferment gives you a period of time in which you are not required to pay your subsidized loan's principal, and interest does not accumulate (however, the interest still accrues on an unsubsidized loan). You must request a deferment through your lender, providing required documents for approval and if you meet all eligibility requirements, the lender must grant the deferment. If you are granted a deferment, the government (through the period of time allowed for by the deferment) will continue to pay the interest on your loan. Check with your lender or ISAC to see if your loan qualifies for a deferment.
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