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This form is used to request a deferment of loan repayment under the William D. Ford Federal Direct Loan Program due to economic hardship. Borrowers must provide identification and specific documentation
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How to fill out economic hardship deferment request
How to fill out ECONOMIC HARDSHIP DEFERMENT REQUEST
01
Obtain the ECONOMIC HARDSHIP DEFERMENT REQUEST form from your loan servicer's website or request a physical copy.
02
Fill out your personal information, including your name, address, and contact details.
03
Indicate your loan information, such as your account number and type of loan.
04
Provide details about your financial situation, including income, expenses, and any relevant supporting documents.
05
Specify the reason for your economic hardship, ensuring to provide as much detail as possible.
06
Sign and date the form to verify that the information provided is accurate.
07
Submit the completed form to your loan servicer via mail, fax, or their online submission portal.
Who needs ECONOMIC HARDSHIP DEFERMENT REQUEST?
01
Individuals who are experiencing financial difficulties and are unable to make their student loan payments may need to submit an ECONOMIC HARDSHIP DEFERMENT REQUEST.
02
This includes those facing unemployment, underemployment, medical expenses, or other financial burdens.
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People Also Ask about
What is hardship deferral?
A deferment is a way to postpone paying back your student loans for a certain period of time. The economic hardship deferment is available only if you have a federal student loan. You are eligible only if you are not in default on your loans and if you obtained the loans on or after July 1, 1993.
How do I request economic hardship deferment?
To apply for the economic hardship deferment for federal loans, borrowers must submit an Economic Hardship Deferment Request form to their loan servicer. Borrowers must also submit documentation of income such as a copy of a recent pay stub or the borrower's most recently filed federal income tax return.
How do you qualify for deferred payments?
Lenders usually ask for proof of financial hardship to approve you for loan deferment. While payments aren't required, interest may continue to accrue. This can result in higher payments when deferment ends.
What is considered a hardship reason?
People do this for many reasons, including: Unexpected medical expenses or treatments that are not covered by insurance. Costs related to the purchase or repair of a home, or eviction prevention. Tuition, educational fees and related expenses. Burial or funeral expenses.
What qualifies as financial hardship for student loans?
It is a circumstance in which the annual amount due on your eligible loans, as calculated under a 10-year Standard Repayment Plan, exceeds 15 percent (for IBR) or 10 percent (for Pay As You Earn) of the difference between your adjusted gross income (AGI) and 150 percent of the poverty line for your family size in the
What qualifies as financial hardship?
It is a circumstance in which the annual amount due on your eligible loans, as calculated under a 10-year Standard Repayment Plan, exceeds 15 percent (for IBR) or 10 percent (for Pay As You Earn) of the difference between your adjusted gross income (AGI) and 150 percent of the poverty line for your family size in the
What is a hardship deferral?
A deferment is a way to postpone paying back your student loans for a certain period of time. The economic hardship deferment is available only if you have a federal student loan. You are eligible only if you are not in default on your loans and if you obtained the loans on or after July 1, 1993.
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What is ECONOMIC HARDSHIP DEFERMENT REQUEST?
An Economic Hardship Deferment Request is a formal application submitted by borrowers of student loans to temporarily suspend their loan payments due to financial difficulties.
Who is required to file ECONOMIC HARDSHIP DEFERMENT REQUEST?
Borrowers experiencing significant economic hardship, which may include job loss, low income, or other financial struggles, are required to file an Economic Hardship Deferment Request.
How to fill out ECONOMIC HARDSHIP DEFERMENT REQUEST?
To fill out the Economic Hardship Deferment Request, borrowers should complete the designated form with personal information, loan details, and documentation that proves their financial hardship.
What is the purpose of ECONOMIC HARDSHIP DEFERMENT REQUEST?
The purpose of the Economic Hardship Deferment Request is to provide borrowers with temporary relief from loan payments, allowing them to manage their financial situation without facing immediate repayment obligations.
What information must be reported on ECONOMIC HARDSHIP DEFERMENT REQUEST?
The Economic Hardship Deferment Request must include the borrower's personal details, details about the loans, evidence of financial hardship like income information, and any relevant supporting documents.
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