:: Economic Hardship Deferment ::
This deferment is for the Federal Family Education Loan (FFEL) Program. Contact your loan servicer to discuss your options and download an Economic Hardship Deferment Request Form PDF. You must continue making your payment until you're notified that a deferment has been granted.
Maximum Time Limit: 3 years
To qualify for an Economic Hardship Deferment, all of your outstanding loans must have been made on or after July 1, 1993, and you must meet at least one of the following qualifications:
- You've been granted an economic hardship deferment under the Federal Direct Loan or Perkins Loan Programs for the same period of time you're requesting deferment on your FFELP loan. You must provide proof of the deferment received.
- You're receiving some type of state or federal assistance such as food stamps, Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP) benefits, or any other state general public assistance .You must provide proof of this assistance by sending in a copy of your award letter or a letter from your caseworker.
- You're serving or will be serving as a Peace Corps volunteer. You must attach documentation showing your period of service.
- You’re employed full-time, working at least 30 hours per week in a position expected to last at least 3 consecutive months. Eligibility is based on your gross income and family size, which includes you, your spouse, and any dependents. Using the table on the deferment form, you’ll then compare your monthly income to the amount calculated at 150% of the poverty guideline for your family size.
The deferment form provides more information about eligibility and documentation requirements. To process your request for an economic hardship deferment, your lender must receive the required documentation to verify your eligibility. We encourage you to make a copy of the form and notify your lender that you submitted the request. You should also contact your lender about two to three weeks after mailing the completed form to verify it has been received and processed.