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OMB No. 18450011 Form Approved Exp. Date 8/31/2021ECONOMIC HARDSHIP DEFERMENT REQUEST William 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. To fill out an economic hardship deferment request, follow these steps:
2. Download the economic hardship deferment request form from the official website of your loan servicer.
3. Read the instructions carefully and gather all the necessary documents, such as proof of income, tax returns, and any additional supporting documentation.
4. Fill out the personal information section, including your name, address, social security number, and loan account number.
5. Provide details about your economic hardship situation, explaining why you are unable to make payments on your loan(s). Be specific and include relevant details.
6. Indicate the deferment period you are requesting, keeping in mind that each deferment type has its own eligibility requirements and duration limitations.
7. Sign and date the form. Ensure you have provided all necessary supporting documents.
8. Make a copy of the completed form and all supporting documents for your records.
9. Submit the original form and supporting documents to your loan servicer. Follow their specific submission instructions, which may include mailing, faxing, or uploading the documents online.
10. Keep track of your submission and follow up with your loan servicer to ensure that your deferment request is processed accordingly.

Who needs economic hardship deferment request?

1. Economic hardship deferment requests are typically required by individuals who are experiencing financial difficulties and are unable to make payments on their loans.
2. Common circumstances that may warrant an economic hardship deferment request include:
3. - Unemployment or significant reduction in income
4. - Inability to find full-time employment
5. - Temporary disability or medical condition
6. - Enrollment in a graduate fellowship program
7. - Peace Corps service
8. - Economic hardship as defined by the loan servicer's guidelines
9. It is important to review the specific eligibility criteria of your loan servicer and consult with them directly 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 formal application submitted by a borrower to temporarily postpone federal student loan payments due to financial difficulties.

Who is required to file economic hardship deferment request?

Borrowers who are experiencing economic hardship that impacts their ability to make student loan payments are required to file an economic hardship deferment request.

How to fill out economic hardship deferment request?

To fill out an economic hardship deferment request, borrowers need to complete the appropriate form provided by their loan servicer, providing necessary personal and financial information to demonstrate their hardship.

What is the purpose of economic hardship deferment request?

The purpose of an economic hardship deferment request is to allow borrowers to temporarily suspend their loan payments when they are unable to afford them due to financial strain.

What information must be reported on economic hardship deferment request?

Borrowers must report information such as income, household size, expenses, and any other financial obligations to support their request for deferment.