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Deferments and Cancellations

In certain situations, borrowers might qualify for deferment or cancellation of payment of their student loans. A separate request must be filed each year in a timely manner to avoid penalties.

If you have any questions about deferment benefits, contact the Student Loan office at (607) 255-7234 or via e-mail at uco-loans@cornell.edu.

About Deferments

You (the borrower) can request to “defer” (temporarily stop) payments on your student loans for up to a year at a time, under certain qualifying conditions. Deferment options vary, depending on the type of loan you owe, and you might be required to pay monthly interest during the deferment period.

  • Continuing Your Education: If you know upon your graduation from Cornell that you will be continuing your education or that you will be in another situation that qualifies for deferment, you should file for deferment before the end of your loan’s grace period. If your loan at any time enters “default” (delinquent) status, you might not qualify for a deferment.
  • Status Changes: If your status changes during the deferment period (e.g., you are no longer a registered, full-time student), you will be responsible to resume payments on your loan, including the payments previously postponed during the deferment period.

Types of Deferments

  • Education: relates to the borrower’s enrollment status as a student at an educational institution (sometimes referred to as “in-school” deferment)
  • Public Service: applies to borrowers that are in the armed forces, Peace Corps, volunteers, or in public health service
  • Economic Hardship: applies to borrowers dealing with specific types of economic hardships or unemployment

Deferment Forms

  • Use to postpone repayment of Perkins and institutional loan payments due to enrollment status or public service.
  • File yearly at the end of every deferment period.
  • Use to postpone repayment of Perkins or institutional loans (sometimes with no interest) under certain conditions based on service in the United States military.
  • File yearly at the end of every deferment period.
  • Use to postpone repayment of HPSLs.
  • File yearly at the end of every deferment period.
  • Use to request deferment due to an economic hardship
  • File every six months at the end of every deferment period
  • Use to request a discharge of a Perkins loan based on a total and permanent disability. Certain conditions apply. 
  • Use to request a discharge of a Perkins loan based on being the parent or spouse of a September 11, 2001 victim. Certain conditions apply.
About Cancellations

In certain limited circumstances, you may be able to cancel payments on your federal Perkins or NDSL student loan, either in whole or in part - meaning that you no longer have to pay it. In some situations, you won't be able to cancel the entire loan, but you may be able to get rid of a portion of the loan. 

Types of Cancellations

  • Teaching: applies to full-time teachers at eligible institutions or schools
  • Public Service: applies to borrowers that are in the armed forces, Peace Corps, volunteers, or other qualifying public service

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