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ECONOMIC HARDSHIP DEFERMENT REQUEST OMB No. 18450011 Form Approved Exp. Date 9/30/2018William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family Education Loan (FEEL) Program / Federal

How to fill out economic hardship deferment request

How to fill out economic hardship deferment request

1. Begin by obtaining an economic hardship deferment request form from your loan servicer or the Department of Education website.
2. Carefully read all the instructions and eligibility requirements on the form to ensure you qualify for the deferment.
3. Gather all the necessary documents and information required to support your economic hardship claim. This may include proof of income, unemployment benefits, or other financial documentation.
4. Fill out the request form accurately and completely. Provide all the requested information, including your personal details, loan information, and details about your current financial situation.
5. Double-check all the information you provided to avoid any mistakes or inconsistencies.
6. Sign and date the form to certify that the information provided is true and accurate.
7. Make a copy of the completed form and all supporting documents for your records.
8. Submit the form and supporting documents to your loan servicer either by mail or through their online submission portal.
9. Follow up with your loan servicer to ensure they received your deferment request and to inquire about the processing time.
10. If approved, continue making payments on your student loans until you receive the official confirmation of your deferment.
11. Once your deferment is granted, make note of the specific deferment period and the date on which your payments will resume.
12. Keep track of your deferment period and be prepared to reapply if your financial hardship persists beyond the approved deferment period.

Who needs economic hardship deferment request?

1. Anyone who is facing economic hardship and is struggling to make payments on their student loans may need to request an economic hardship deferment. This deferment option is particularly beneficial for individuals who have unexpectedly lost their job, are experiencing a significant reduction in income, or are facing other financial difficulties. It allows borrowers to temporarily suspend their loan payments without incurring penalties or accruing additional interest. However, it's important to note that each loan program and servicer may have specific eligibility criteria, so it's crucial to review the requirements and consult with your loan servicer to determine if you qualify for an economic hardship deferment.

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What is economic hardship deferment request?

An economic hardship deferment request is a form that borrowers can submit to temporarily postpone their student loan payments due to financial difficulties.

Who is required to file economic hardship deferment request?

Borrowers who are experiencing financial hardship and are unable to make their student loan payments are required to file an economic hardship deferment request.

How to fill out economic hardship deferment request?

Borrowers can fill out an economic hardship deferment request by providing information about their financial situation, such as income, expenses, and any other relevant financial details.

What is the purpose of economic hardship deferment request?

The purpose of an economic hardship deferment request is to provide temporary relief to borrowers who are facing financial difficulties and are unable to make their student loan payments.

What information must be reported on economic hardship deferment request?

Borrowers must report their financial situation, including income, expenses, and any other relevant financial details on an economic hardship deferment request.