Deferment is a temporary suspension of loan payments for specific situations such as re-enrollment in school, unemployment, military service or economic hardship. You don't have to pay interest on the loan if you have a subsidized federal loan; if it's unsubsidized, you are responsible for interest payments. An economic hardship deferment can last for up to three years.

College students who graduated in june hit the six-month automatic deferment
College students who graduated in june hit the six-month automatic deferment on student loans this month, but many are still unemployed. and with national unemployment rates reaching up to ten percent
http://www.ksnt.com/news/local/story/Repaying-Stud...
More borrowers delay paying off their debt in sour job market
Loans squeezing college grads More borrowers delay paying off their debt in sour job market Marisa Schultz / The Detroit News Warren -- Ryan Jerome borrowed nearly $46,000 to earn an ITT Technica
http://www.detnews.com/article/20090429/SCHOOLS/90...