What is a deferment?

Modified on Wed, 22 Mar 2023 at 02:49 PM

A deferment is a credit union approved temporary pause or reduction to your loan payment(s) for specific reasons (i.e., financial hardship, job loss, active-duty military service, etc.)  A deferment does not eliminate or cancel the payments. Depending on the type of loan, the payments may be added to the end of a loan increasing the final payment or extending the maturity date resulting in higher finance charges during the life of the loan.

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