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This form is used by borrowers of the Direct Loan and FFEL programs to request a deferment due to economic hardship, providing conditions under which such a deferment can be granted and outlining
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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 or the official website.
02
Fill out your personal information, including your name, address, and account number.
03
Provide information about your income, including total monthly income and any additional sources of income.
04
Document your expenses, such as rent, utilities, food, and other necessary living expenses.
05
Indicate any changes in your financial situation that have contributed to your economic hardship.
06
Gather supporting documentation, such as pay stubs, tax returns, or unemployment benefits if applicable.
07
Review the form for accuracy and completeness.
08
Sign and date the form.
09
Submit the completed form and any supporting documents to your loan servicer.
Who needs ECONOMIC HARDSHIP DEFERMENT REQUEST?
01
Individuals experiencing financial difficulties, such as job loss, reduced income, or increased living expenses, who are unable to make their loan payments.
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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 request made by borrowers of federal student loans to temporarily postpone their loan payments due to financial difficulties.
Who is required to file ECONOMIC HARDSHIP DEFERMENT REQUEST?
Borrowers experiencing significant financial difficulties that affect their ability to make loan payments 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 need to complete the designated form, providing relevant personal and financial information, and submit it to their loan servicer.
What is the purpose of ECONOMIC HARDSHIP DEFERMENT REQUEST?
The purpose of the Economic Hardship Deferment Request is to allow borrowers to temporarily suspend their student loan payments when they are unable to afford them due to economic difficulties.
What information must be reported on ECONOMIC HARDSHIP DEFERMENT REQUEST?
Borrowers must report personal identification details, current income, employment status, and any relevant financial hardships when submitting an Economic Hardship Deferment Request.
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