Qualifying for Unemployment Deferment
To qualify and maintain an unemployment deferment, you must document your case. You’ll need to actively seek work, and it’s best to keep records of your efforts at finding employment. In addition, you can document your unemployment by showing that you receive unemployment benefits from your state. An unemployment check is the most effective proof of your status.
Your lender may request any additional documentation that they feel is necessary, so be prepared to back up any claims you’re making.
Length of Deferment
Your deferment will go in 6 month cycles. You must request that deferment continues after each 6 months – this isn’t automatic. If your first loans were made before July 1, 1993, your deferment may last a maximum of 2 years – otherwise you can get a 3 year unemployment deferment.
Once you’re working again, your deferment should end. Contact your lender and let them know that you’re no longer eligible for the deferment.
Applying for Deferment
To apply for an unemployment deferment, ask your lender for a form. You'll need to complete and return it with proof of your unemployment.
