If you take out a loan and then discover that you may not be able to pay it back as scheduled, you may need to write a deferment letter. A deferment letter is way of communicating with your lender that you need to postpone paying back your loan. If your deferment proposal is accepted, you will be allowed to pay the loan back at a later date, although you will accumulate interest on the amount of your loan in the meantime.
Write exactly why you cannot currently begin paying off your loan. Common acceptable reasons include attending school, being unemployed or experiencing economic hardship due to a variety of reasons, such as the birth of a child or medical bills.
Indicate in your letter when the condition that made you unable to repay the loan began and when you expect it to end. This lends validity to your situation and gives your lenders a realistic idea about when you will begin to repay the loan.
Include all relevant personal information concerning your loan, such as your full name, loan number and social security number.
Add references if possible. For example, if you are enrolled in school, include a copy of an enrollment verification form provided by your school on the organization's letterhead.
Include thorough contact information so that your lenders can respond as quickly and as efficiently as possible. For example, include your mailing address, telephone number and email address.