Definition
Deferral is the act of postponing or delaying something. It's very similar to 'deferment,' often used interchangeably, especially in financial or academic contexts. Think of it as putting off a decision or action to a later date. It implies a conscious choice to delay, rather than an unavoidable situation. Unlike a cancellation, a deferral suggests the action will still occur. Imagine postponing your admission to college for a year to travel the world πβthat's a deferral.