Student loan deferment is an agreement between the student and lender that the student may postpone repayment of a student loan

Student loan

A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in education...

 for a designated period. The student agrees to pay more money for the loan so the loan will not be in default

Default (finance)

In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant of the debt contract. A default is the failure to pay back a loan. Default may occur if the debtor is either...

. If the student is experiencing financial hardship or is unemployed, he or she may be eligible for deferment. The lender will require valid proof of financial hardship and other financial information when the student applies.