Economic Hardship Deferment

Options for Financial Difficulties

If your financial situation meets at least one of the following circumstances, you may qualify for a deferment of this type.

To qualify you must:

  • be receiving public assistance under a federal or state program, such as AFDC or food stamps;
  • be working full-time (30 or more hours per week) and earning no more than $11,235 per year;
  • be working full-time earning no more than $22,470 and after deducting the scheduled monthly payments for all of your student loans your remaining income does not exceed $11,235, or;
  • be working full-time and have an educational debt burden that exceeds 20% of your income, and the difference between your annual income and loan payments does not exceed $24,717.

    To receive this deferment, you must complete an economic hardship deferment request form and supply all relevant supporting documentation, including copies of pay stubs and student loan payment information.

    You are limited to a total of three years of economic hardship deferment.