de·fer·ment

[dih-fur-muhnt]
noun
1.
the act of deferring or putting off; postponement.
2.
a temporary exemption from induction into military service.

Origin:
1605–15; defer1 + -ment

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.
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Collins
World English Dictionary
deferment or deferral (dɪˈfɜːmənt, dɪˈfɜːrəl) [Click for IPA pronunciation guide]
 
n
the act of deferring or putting off until another time; postponement
 
deferral or deferral
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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00:10
Deferment is always a great word to know.
So is flibbertigibbet. Does it mean:
a chattering or flighty, light-headed person.
a fool or simpleton; ninny.
Etymonline
Word Origin & History

deferment
1610s, from defer (1) + -ment. As a word for "conditional exemption from a military draft" it dates to 1918, Amer.Eng., though the thing itself dates back to the Civil War.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
You'll be ineligible for deferment or forbearance on your loan.
Student loan deferment options are likewise more generous than a typical credit card, mortgage or car loan.
Lenders are encouraged to review each borrower's possible eligibility for an economic hardship deferment or a military deferment.
Deferment is a period of time when you are not required to make payments on your federal student loan.
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