Clearinghouse participate in a Paperless Deferment Process. With this process, serves in the Peace Corps, receives the deferment on a direct or Perkins loan, no paper forms need to be completed by either students or schools—the student simply calls his or her lender to request a deferment. This deferment postpones payments for a borrower during times of financial difficulty in which the borrower receives public assistance, or meets specific income criteria. The lender then matches this request against the Clearinghouse electronic data and verifies the in-school status of the student. Credit Reference Agencies and Fraud Prevention Agencies. This is referred to as a Fair Processing Notice (FPN).If your deferment has been accepted your repayments will be deferred for a period of 12 months. During this time you will continue to be charged interest on your outstanding balance.