When you're deferred, it means you've applied early action. Instead of receiving an offer of admission, the office has decided to put you in the pool with the applicants who are turning in their applications for regular notification on January 1 for freshman applicants and April 1 for transfer applicants. Deferral is not a rejection and it's not being put on the wait list. If you've been deferred, it's a good time to start talking to your admissions counselor about how awesome you are and how Chicago would be a good fit for you. Another good idea would be to schedule an interview, if you haven't already had one.

Contractually suspending the payment of a loan until a later period of time.  However, the interest will accrue (build up) and be added to the total repayment.

put off to later; "requested a deferred payment"; "our postponed trip"

An operation, which would occur at a specific point in the unmodified Linux boot up processing, is changed so that it can occur later in the processing.