I know most lenders do not charge a penalty if you pay your loan off before the deferment period is over, but once the deferment period is over and you start paying back your loans in monthly installments are you obligated to pay the total sum ( principal and interest) if you want to pay it off after a year or so? Or can you pay back parts of principal amount and then have the lender recalculate your monthly payments?

 

you are basically attempting to re-finance the loan. When you have the money contact the lender, pay a chunk of it off and then re-finance it based on the new principal.