First of all, you do not lose your deferment unless you drop below what your university classifies as “half-time”. You should check with your registrar before you decide how many credits you sign up for this semester. If you do go below half-time status as a student, you will enter what is known as a grace period, lasting six months for Stafford Loans, and nine months for Perkins Loans.

Remember, If you decide to re-enter deferment by becoming at least a half-time student again, you will lose time from your grace period. Many students find this period important after college, because it gives them time to organize a financial payment plan before they are expected to make monthly payments.

Many students opt for the Federal Family Education Loan Program, or the FFELP Consolidation. By consolidating your loans, you will combine all your loans into one monthly payment with a significantly decreased interest rate.

For more information about the FFELP or loan consolidation, please visit the source below. Good luck!