The Joy of Deferment

You've asked you employer, you've saved all your pennies and applied for scholarships, and you're still short on funds. It's time to go back to the good ole standby...loans. The good news is that, while you are working towards your advance degree, you can place your undergraduate loan (if you have any) into deferment.

Deferment is basically putting your loans on hold so that the monthly payments are not required until such time as you finish your advanced degree. Some lending companies require a fee to put the loan on deferment and others require that the interest be paid quarterly. Check with your lender to see what they require, but all will allow deferment.