The Secretary may defer repayment if the fellowship recipient—
    
    
        
        (a) 
         Suffers from a serious physical or mental disability that prevents or substantially impairs the fellowship recipient's employability in an activity described in  § 535.50 ;
     
    
        
        (b) 
         Demonstrates to the Secretary's satisfaction that the fellowship recipient is conscientiously seeking but is unable to secure employment in an activity described in  § 535.50 ;
     
    
        
        (c) 
         In the case of a master's or doctoral fellowship recipient, re-enrolls as a full-time student at an IHE;
     
    
        
        (d) 
         Is a member of the Armed Forces of the United States on active duty;
     
    
        
        (e) 
         Is in service as a volunteer under the Peace Corps Act; or
     
    
        
        (f) 
         Demonstrates to the Secretary's satisfaction that the existence of extraordinary circumstances prevents the fellowship recipient from making a scheduled payment.
     
    
        
            Code of Federal Regulations
        
        (Authority: 
                20 U.S.C. 7475(b)
            )