Get the free Economic HardshipUnemployment Deferment or Forbearance Request form

Economic Hardship/Unemployment Deferment or Forbearance Request form Mail Form to: Baruch College Financial Aid Office Attn: Perkins Loan Coordinator 1 Bernard Baruch Way, Box H0725 New York, NY 10010

How to fill out economic hardshipunemployment deferment or

How to fill out the economic hardship/unemployment deferment:

1. Gather the necessary documents: Before filling out the economic hardship/unemployment deferment form, you will need to gather supporting documents such as proof of unemployment, proof of income, and any other relevant financial information.
2. Download the deferment form: Visit the website of your loan servicer or the Department of Education to obtain the economic hardship/unemployment deferment form. Download and print the form for easy reference.
3. Fill out personal information: Begin by providing your personal information accurately, including your name, social security number, contact information, and loan account number. Make sure to write legibly and use black or blue ink.
4. Indicate the type of deferment: In the appropriate section of the form, check the box that corresponds to the economic hardship/unemployment deferment.
5. Provide employment details: If you lost your job or currently experiencing financial hardship, provide accurate information about your employment history, such as the dates of unemployment and the reasons for the unemployment. Include any additional details requested in this section.
6. Financial information: In this section, you will need to disclose your financial situation. Provide details about your income, expenses, and any other pertinent financial information. Be honest and precise with your answers.
7. Supporting documents: Attach all the required supporting documents, such as proof of unemployment or income, as specified in the form instructions. Make sure to include copies and not original documents.
8. Review and sign the form: Carefully review all the information you provided on the form. Ensure that there are no errors or missing information. Once you are satisfied, sign and date the form.
9. Submit the form: Send the completed and signed form, along with the supporting documents, to your loan servicer or the specified address provided in the form instructions. It is recommended to send the form through certified mail or trackable courier service to retain proof of submission.

Who needs economic hardship/unemployment deferment:

1. Individuals facing financial hardship: The economic hardship/unemployment deferment is designed for borrowers who are currently experiencing financial difficulties due to unemployment, a significant reduction in income, or other hardships that make it challenging to meet their student loan payments.
2. Loan borrowers with eligible loans: Economic hardship/unemployment deferment is available for borrowers who have federal student loans like Direct Loans, Federal Family Education Loans (FFEL), or Perkins Loans. Private loans typically do not offer this type of deferment, so borrowers with private loans may need to explore other options with their lenders.
3. Borrowers who meet the eligibility criteria: To qualify for economic hardship/unemployment deferment, borrowers must meet specific eligibility requirements, such as being registered at least half-time in school or actively seeking full-time employment. These requirements may vary depending on the loan program and servicer, so it's essential to review the specific criteria before applying.

For pdfFiller’s FAQs

What is economic hardship/unemployment deferment?

Economic hardship/unemployment deferment is a temporary postponement of student loan payments granted to borrowers who are experiencing financial difficulties.

Who is required to file economic hardship/unemployment deferment?

Borrowers who are facing economic hardship or unemployment and are unable to make their student loan payments may apply for economic hardship/unemployment deferment.

How to fill out economic hardship/unemployment deferment?

To apply for economic hardship/unemployment deferment, borrowers must complete the required form provided by their loan servicer and submit any necessary documentation to support their claim.

What is the purpose of economic hardship/unemployment deferment?

The purpose of economic hardship/unemployment deferment is to provide temporary relief for borrowers who are struggling financially and unable to make their student loan payments.

What information must be reported on economic hardship/unemployment deferment?

Borrowers must provide information about their current financial situation, including details about their income, expenses, and proof of unemployment or economic hardship.

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