Get the free Economic Hardship Deferment Request - nelnet

This document is a request form for borrowers seeking economic hardship deferment for Federal Family Education Loans, outlining qualifications, necessary documentation, and borrower responsibilities.

How to fill out economic hardship deferment request

How to fill out Economic Hardship Deferment Request

1. Obtain the Economic Hardship Deferment Request form from your loan servicer or their website.
2. Fill in your personal information, including your name, address, and loan account number.
3. Indicate your current employment status and income details.
4. Provide information about your household size and any dependents.
5. Document your financial hardship, including any relevant expenses or circumstances affecting your ability to pay.
6. Attach any required supporting documentation, such as income statements or bills.
7. Review the completed form for accuracy and completeness.
8. Sign and date the form.
9. Submit the form to your loan servicer via mail or online submission as instructed.

Who needs Economic Hardship Deferment Request?

1. Borrowers experiencing financial difficulties that prevent them from making student loan payments.
2. Individuals whose income is below a certain threshold, making it challenging to manage student loans.
3. People facing temporary hardships like job loss, reduced hours, or unexpected expenses.

People Also Ask about

How do I defer economic hardship for Nelnet?

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 hardship for student loans?

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.

What is considered a 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

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 to prove undue hardship for student loans?

If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments — i.e., at least 10 years of payments. To benefit from PSLF, you need to repay your federal student loans under an IDR plan.

For pdfFiller’s FAQs

What is Economic Hardship Deferment Request?

It is a process that allows borrowers facing financial difficulties to temporarily postpone student loan payments without negative repercussions on their credit.

Who is required to file Economic Hardship Deferment Request?

Borrowers who are experiencing financial difficulties, such as unemployment or low income, may request this deferment to avoid defaulting on their student loans.

How to fill out Economic Hardship Deferment Request?

To fill out the request, borrowers typically need to complete a form provided by their loan servicer, providing personal information, loan details, and documentation of their financial situation.

What is the purpose of Economic Hardship Deferment Request?

The purpose is to provide financial relief to borrowers experiencing significant economic challenges, allowing them to manage their financial obligations without the pressure of making loan payments.

What information must be reported on Economic Hardship Deferment Request?

Borrowers must report personal identification details, their loan information, income, household size, and any supporting documentation of financial hardship, such as pay stubs or unemployment benefits.