Deferments

A borrower is entitled to have the repayment of a loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the loan principal. Interest will not accrue during any type of deferment, except a hardship deferment.

A borrower must apply for a deferment in writing by using a deferment form obtained from Graceland University. The borrower must file a form at least once a year for as long as the deferment can be claimed. The borrower must immediately report any change in deferment status to Graceland University. NOTICE: The 1998 reauthorization of regulations governing deferments of Perkins Loans (NDSL) has amended some of the deferment provisions effective October 7, 1998.