Deferment FAQs (Frequently Asked Questions)
Deferment occurs in several situations when you have been awarded financial aid. It is an important element for every student to understand because at some point, every student has had to use it at least once during their academic experience. Generally, deferment occurs when you have been awarded financial aid, but the school is not able to receive it until after the deadline for paying your tuition. Because these circumstances are technically out of your own range of responsibility, the college defers your tuition so that the price can be paid whenever your financial aid comes in.
It is important to understand that every college handles their deferment differently. Some colleges will automatically defer your tuition when your financial aid is approved because they know that they are essentially going to get the funds to pay for your classes whenever the financial aid comes in within the month. However, other times, you may have to get in contact with your financial aid office and request deferment in order to ensure that it is handled properly; there are many colleges which do not automatically defer your tuition, so you should always double check.
Another element of deferment occurs when you are not able to pay for your tuition all at once. If you are paying for your tuition on your own, then you may ask for your tuition to be deferred for a period long enough that would allow you to be able to make the payment in different portions. This can be ideal if you are budgeting yourself to pay for your tuition or if you are waiting for your financial aid to pay for a portion of your tuition while you pay for the other portion on your own.
Importance of the FAFSA
Above anything, you must fill out the FAFSA if you want to ensure that you will be eligible for any type of financial aid. It doesn't matter if you are interested in local, state, or federal financial aid programs, you have to fill out the FAFSA and submit it in order to be able to have access to these options. The form can be filled out in person at a college or online. If you are having problems with understanding or filling out your FAFSA form, the counselors at the financial aid office will be able to assist you.
Ultimately, if there is anything that you don't understand about financial aid, you may want to get in contact with a counselor at your college or university. Many of the people who work in the financial aid department have the experience to answer your concerns or questions and will be able to provide you with information that will give you more insight into your circumstances. They will be able to explain the different options that are available to you and will also be able to help you handle many of the forms that are associated with various elements of the financial aid process.
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