the act of deferring or putting off; postponement.
a temporary exemption from induction into military service.

1605–15; defer1 + -ment Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
deferment or deferral (dɪˈfɜːmənt, dɪˈfɜːrəl)
the act of deferring or putting off until another time; postponement
deferral or deferral

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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Word Origin & History

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
They wont forgive the loan, but you can get a deferment for now.
And because when people are in grad school the loans for undergrad are too oft in deferment.
Whenever he heard the sound of gunfire, he immediately asked for a deferment.
Student loan deferment options are likewise more generous than a typical credit card, mortgage or car loan.
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