Should I Do Deferment or Forbearance?

Deferment: Generally better if you have subsidized federal student loans or Perkins loans and you are unemployed or dealing with significant financial hardship. Forbearance: Generally better if you don't qualify for deferment and your financial challenge is temporary.

Is deferment a good idea?

The key takeaway is that a deferment can be a good idea if making your required student loan payments would either be impractical, impossible, or an undue burden.

Does deferment or forbearance hurt your credit?

How do student loan deferment and forbearance affect your credit score? Neither deferment nor forbearance on your student loan has a direct impact on your credit score. But putting off your payments increases the chances that you'll eventually miss one and ding your score by mistake.