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Repaying Your Student Loan

 

Economic Hardship Deferment


"I am experiencing economic hardship."

The Economic Hardship Deferment is a deferment for borrowers experiencing economic hardship.

The maximum cumulative time that you may receive this deferment is 36 months.

Note that if you are applying for this deferment for your service in the Peace Corps, you must provide your loan holder with documentation, signed and dated by an authorized Peace Corps official that certifies the beginning and anticipated ending dates of your service in the Peace Corps.


Qualifications

You may qualify, if both of the following apply:

  • You had no outstanding FFELP loan balance on the date you received a loan on or after July 1, 1993.
  • One of the following conditions exists:
    • You have been granted an economic hardship deferment under the William D. Ford Federal Direct Loan Program or the Federal Perkins Loan Program.
    • You are receiving or have received payments under a federal or state public assistance program.
    • You are working full time and your monthly income is lower than a federally-defined maximum.
    • You are serving as a Peace Corps volunteer.

Note that if you are applying for this deferment for your service in the Peace Corps, you must provide your loan holder with documentation, signed and dated by an authorized Peace Corps official, which certifies the beginning and anticipated ending dates of your service in the Peace Corps.


How to Apply

  1. Download the Economic Hardship Deferment Request in English or Spanish.
  2. Carefully read the entire form. Certain documentation may be required.
  3. Complete, print, and sign the deferment form. (To enter information into the interactive form, place your cursor in a field or tab from field to field. Turn interactive check boxes on and off by clicking on the box.) Mail it directly to your loan holder. Only your loan holder can approve your deferment request.
  4. If you need further assistance, please contact your loan holder or TG's Default Aversion team.

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