Hardship Deferment Request Form PDF Details

In today's financial landscape, navigating through challenging economic periods can be somewhat mitigated for borrowers through mechanisms like the Hardship Deferment Request form. This form plays a pivotal role for individuals facing financial hardships, allowing them to request a temporary halt on their loan repayments. To qualify, borrowers must meet specific eligibility criteria, such as working full-time (defined as 30 or more hours per week) in a job anticipated to last at least three months, dealing with an income that falls below 150% of the poverty guideline for their family size and state of residence, or serving as a Peace Corps volunteer. Additionally, the form takes into account other factors like whether the applicant is receiving payments under a federal or state public assistance program or if they've previously obtained a deferment for the same period on a loan from another federal student loan program. Borrowers must also provide income documentation and information about their family size, which includes not only themselves and their spouse but also any dependents that rely on them for more than half of their support. Importantly, the form offers guidance on the implications of deferment, including the potential for interest capitalization and the effect on loan repayment terms. It's essential for borrowers to understand that while deferment can provide temporary financial relief, it may also lead to an increase in the total amount repaid over the life of the loan due to interest accrual. Therefore, it's recommended to consider alternative repayment plans that might be more suitable to one's financial situation. Completing the Hardship Deferment Request form requires careful attention to detail and a thorough understanding of the terms and conditions to ensure compliance and avoid any potential legal repercussions for misinformation.

QuestionAnswer
Form NameHardship Deferment Request Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other nameseconomic hardship request, economic hardship form, economic hardship deferment form navient, doe hardship

Form Preview Example

Page 1 of 4
Yes - Continue to Section 3.
No - You are not eligible for this deferment.
4. Do you work full time?
Full-time employment means working 30 or more hours per week in a position expected to last at least 3 consecutive months.
Yes - Continue to Item 5.
No - You are not eligible for this deferment.
7. Is the amount you reported in Item 5 less than 150% of the poverty guideline for your family size and state of residence (see Table 2 in Section 5)?
3. Are you serving as a Peace Corps volunteer?
Yes - Attach documentation certifying your period of service. Skip to Section 3.
No - Continue to Item 4.
• You;
• Your spouse;
• Your children if they receive more than half of their support from you, including unborn children who will be born during the deferment period; and
• Other people if, at the time you request this deferment, they live with you, receive more than half their support from you, and will continue to receive this support from you during the deferment period. Support includes money, gifts, loans, housing, food, clothes, car, medical and dental care, and payment of college costs.
2. Have you received or are you receiving payments under a federal or state public assistance program for the same period of time that you want this deferment?
Qualifying programs include: Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), state general public assistance, or other means-tested benefits.
Yes - Attach documentation of the payments. Skip to Section 3.
No - Continue to Item 3.
Family size includes:
6. What is your family size ?
• One-twelfth of the Adjusted Gross Income from your most recent federal income tax return.
You must attach documentation of your monthly income. Monthly income is either (you choose):
• Your gross taxable income from all sources or
Maximum cumulative eligibility is 36 months per loan program. Instead of deferment, consider a repayment plan that bases your monthly payment amount on your income. Visit StudentAid.gov/IDR for more information.
1. Have you received this type of deferment on a loan5. What is your monthly income? made under another federal student loan program for
the same period of time that you want this deferment? For example, check "yes" if you want this
deferment on your Direct Loans and you are on this deferment on your FFEL Program loans.
Yes - Attach documentation of the deferment. Skip to Section 3.
No - Continue to Item 2.
Telephone - Primary
Telephone - Alternate Email (Optional)
SECTION 2: BORROWER DETERMINATION OF DEFERMENT ELIGIBILITY
Please enter or correct the following information.
Check this box if any of your information has changed.
SSN
Name
Address

 

ECONOMIC HARDSHIP DEFERMENT REQUEST

OMB No. 1845-0011

 

William D. Ford Federal Direct Loan (Direct Loan) Program / Federal Family

Form Approved

 

Exp. Date 8/31/2021

 

Education Loan (FFEL) Program / Federal Perkins Loan (Perkins Loan) Program

 

 

 

WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on

 

any accompanying document is subject to penalties that may include fines, imprisonment, or both, under

HRD

the U.S. Criminal Code and 20 U.S.C. 1097.

 

SECTION 1: BORROWER INFORMATION

 

 

City

 

State

 

 

 

Zip Code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower Name

 

Borrower SSN

 

 

 

SECTION 3: BORROWER REQUESTS, UNDERSTANDINGS, CERTIFICATIONS, AND AUTHORIZATION

Irequest:

•To defer repayment of my loans for the period during which I have an economic hardship, as described in Section 2.

•That my deferment begin on:

•

If checked, to make interest payments on my loans during my deferment.

I understand that:

•I am not required to make payments of loan principal or interest during my deferment.

•My deferment will begin on the later of the date I became eligible or the date that I requested.

•My deferment will end on the earlier of the date that I exhaust my maximum eligibility, the certified deferment end date, or when I am no longer eligible for the deferment for another reason.

•If I am a Perkins Loan borrower, I will receive a 6-month post-deferment grace period beginning on the date I no longer qualify for the deferment.

•Unless I am a Peace Corps volunteer, my deferment will be granted in increments of 1 year. If I continue to be eligible for an Economic Hardship Deferment after 1 year, I may reapply, subject to the cumulative maximum.

•My loan holder may grant me a forbearance while processing my form or to cover any period of delinquency that exists when I submit my form.

•Unpaid interest may capitalize on my loans during or at the expiration of my deferment or forbearance, but interest never capitalizes on Perkins Loans.

I certify that:

•The information I have provided on this form is true and correct.

•I will provide additional documentation to my loan holder, as required, to support my deferment eligibility.

•I will notify my loan holder immediately when my eligibility for the deferment ends.

•I have read, understand, and meet the eligibility requirements in Section 2.

I authorize the entity to which I submit this request and its agents to contact me regarding my request or my loans at any cellular telephone number that I provide now or in the future using automated telephone dialing equipment or artificial or prerecorded voice or text messages.

Borrower's Signature

 

Date

SECTION 4: INSTRUCTIONS FOR COMPLETING THE DEFERMENT REQUEST

Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Example: March 14, 2019 = 03-14-2019. Include your name and account number on any documentation that you are required to submit with this form. If you want to apply for a deferment on loans that are held by different loan holders, you must submit a separate deferment request to each loan holder. If you have loans made jointly (as co-makers), both borrowers must individually meet the requirements for a deferment and each of you must submit a separate deferment request. Return the completed form and any required documentation to the address shown in Section 6.

SECTION 5: DEFINITIONS

The William D. Ford Federal Direct Loan (Direct

The Federal Family Education Loan (FFEL) Program

Loan) Program includes Federal Direct Stafford/Ford

includes Federal Stafford Loans, Federal PLUS Loans, Federal

(Direct Subsidized) Loans, Federal Direct Unsubsidized

Consolidation Loans, and Federal Supplemental Loans for

Stafford/Ford (Direct Unsubsidized) Loans, Federal

Students (SLS).

Direct PLUS (Direct PLUS) Loans, and Federal Direct

The Federal Perkins Loan (Perkins Loan) Program

Consolidation (Direct Consolidation) Loans.

includes Federal Perkins Loans, National Direct Student Loans

 

 

(NDSL), and National Defense Student Loans (Defense Loans).

Page 2 of 4

SECTION 5: DEFINITIONS (CONTINUED)

 

Capitalization is the addition of unpaid interest to

A forbearance is a period during which you are permitted

the principal balance of your loan. Capitalization causes

to postpone making payments temporarily, allowed an

more interest to accrue over the life of your loan and

extension of time for making payments, or temporarily

may cause your monthly payment amount to increase.

allowed to make smaller payments than scheduled.

Interest never capitalizes on Perkins Loans.

 

The holder of your Direct Loans is the Department. The

 

Table 1 (below) provides an example of the monthly

holder of your FFEL Program loans may be a lender, guaranty

payments and the total amount repaid for a $30,000

agency, secondary market, or the Department. The holder of

unsubsidized loan. The example loan has a 6% interest

your Perkins Loans is an institution of higher education or the

rate and the example deferment or forbearance lasts for

Department. Your loan holder may use a servicer to handle

12 months and begins when the loan entered

 

billing and other communications related to your loans.

repayment. The example compares the effects of paying

References to “your loan holder” on this form mean either

the interest as it accrues or allowing it to capitalize.

your loan holder or your servicer.

 

 

 

A co-maker is one of the two individuals who are

A subsidized loan is a Direct Subsidized Loan, a Direct

joint borrowers on a Direct or Federal Consolidation

Subsidized Consolidation Loan, a Federal Subsidized Stafford

Loan or a Federal PLUS Loan. Both co-makers are

Loan, portions of some Federal Consolidation Loans, a Federal

responsible for repayment the full amount of the loan.

Perkins Loan, an NDSL, and a Defense Loan.

 

 

 

A deferment is a period during which you are

 

 

 

An unsubsidized loan is a Direct Unsubsidized Loan, a

entitled to postpone repayment of your loans. Interest is

Direct Unsubsidized Consolidation Loan, a Direct PLUS Loan, a

not generally charged to you during a deferment on

Federal Unsubsidized Stafford Loan, a Federal PLUS Loan, a

your subsidized loans. Interest is always charged to you

Federal SLS, and portions of some Federal Consolidation

during a deferment on your unsubsidized loans. On

Loans.

 

 

 

 

loans made under the Perkins Loan Program, all

 

 

 

 

 

 

 

 

 

deferments are followed by a post-deferment grace

 

 

 

 

 

period of 6 months, during which time you are not

 

 

 

 

 

required to make payments.

 

 

 

 

 

 

 

 

Table 1. Capitalization Chart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treatment of Interest with

Loan

 

Capitalized

Outstanding

Monthly

Number of

Total

 

 

Deferment/Forbearance

Amount

 

Interest

Principal

Payment

Payments

Repaid

 

 

 

 

 

 

 

 

 

 

 

 

Interest is paid

$30,000

 

$0

$30,000

$333

120

$41,767

 

 

 

 

 

 

 

 

 

 

 

 

Interest is capitalized at the

$30,000

 

$1,800

$31,800

$353

120

$42,365

 

 

end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest is capitalized

$30,000

 

$1,841

$31,841

$354

120

$42,420

 

 

quarterly and at the end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 2. 150% of the Poverty Guidelines for 2019 (Monthly)

Family Size

Alaska

Hawaii

All Others

 

 

 

 

1

$1,950.00

$1,797.50

$1,561.25

 

 

 

 

2

$2,641.25

$2,432.50

$2,113.75

 

 

 

 

3

$3,332.50

$3,067.50

$2,666.25

 

 

 

 

4

$4,023.75

$3,702.50

$3,218.75

 

 

 

 

5

$4,715.00

$4,337.50

$3,771.25

 

 

 

 

6

$5,406.25

$4,972.50

$4,323.75

 

 

 

 

7

$6,097.50

$5,607.50

$4,876.25

 

 

 

 

8

$6,788.75

$6,242.50

$5,428.75

 

 

 

 

Each additional

$691.25

$635.00

$552.50

person, add

 

 

 

 

 

 

 

If you do not live in the United States, use the poverty guideline amount in

the column labeled "All Others".

Page 3 of 4

SECTION 6: WHERE TO SEND THE COMPLETED DEFERMENT REQUEST

Return the completed form and any documentation to: (If no address is shown, return to your loan holder.)

If you need help completing this form, call:

(If no phone number is shown, call your loan holder.)

SECTION 7: IMPORTANT NOTICES

Privacy Act Notice. The Privacy Act of 1974 (5 U.S.C. 552a)

To assist program administrators with tracking refunds

requires that the following notice be provided to you:

and cancellations, disclosures may be made to guaranty

The authorities for collecting the requested information

agencies, to financial and educational institutions, or to

federal or state agencies. To provide a standardized method

from and about you are §421 et seq., §451 et seq., or §461 et

for educational institutions to efficiently submit student

seq. of the Higher Education Act of 1965, as amended (20

enrollment statuses, disclosures may be made to guaranty

U.S.C. 1071 et seq., 20 U.S.C. 1087a et seq., or 20 U.S.C. 1087aa

agencies or to financial and educational institutions. To

et seq.) and the authorities for collecting and using your Social

counsel you in repayment efforts, disclosures may be made

Security Number (SSN) are §§428B(f) and 484(a)(4) of the HEA

to guaranty agencies, to financial and educational

(20 U.S.C. 1078-2(f) and 1091(a)(4)) and 31 U.S.C. 7701(b).

institutions, or to federal, state, or local agencies.

Participating in the William D. Ford Federal Direct Loan (Direct

 

Loan) Program, Federal Family Education Loan (FFEL)

In the event of litigation, we may send records to the

Program, or Federal Perkins Loan (Perkins Loan) Program and

Department of Justice, a court, adjudicative body, counsel,

giving us your SSN are voluntary, but you must provide the

party, or witness if the disclosure is relevant and necessary

requested information, including your SSN, to participate.

to the litigation. If this information, either alone or with

The principal purposes for collecting the information on

other information, indicates a potential violation of law, we

may send it to the appropriate authority for action. We may

this form, including your SSN, are to verify your identity, to

send information to members of Congress if you ask them

determine your eligibility to receive a loan or a benefit on a

to help you with federal student aid questions. In

loan (such as a deferment, forbearance, discharge, or

circumstances involving employment complaints,

forgiveness) under the Direct Loan, FFEL, or Federal Perkins

grievances, or disciplinary actions, we may disclose relevant

Loan Programs, to permit the servicing of your loans, and, if it

records to adjudicate or investigate the issues. If provided

becomes necessary, to locate you and to collect and report on

for by a collective bargaining agreement, we may disclose

your loans if your loans become delinquent or default. We also

records to a labor organization recognized under 5 U.S.C.

use your SSN as an account identifier and to permit you to

Chapter 71. Disclosures may be made to our contractors for

access your account information electronically.

the purpose of performing any programmatic function that

The information in your file may be disclosed, on a case-

requires disclosure of records. Before making any such

by-case basis or under a computer matching program, to third

disclosure, we will require the contractor to maintain Privacy

parties as authorized under routine uses in the appropriate

Act safeguards. Disclosures may also be made to qualified

systems of records notices. The routine uses of this

researchers under Privacy Act safeguards.

information include, but are not limited to, its disclosure to

Paperwork Reduction Notice. According to the

federal, state, or local agencies, to private parties such as

Paperwork Reduction Act of 1995, no persons are required

relatives, present and former employers, business and

to respond to a collection of information unless such

personal associates, to consumer reporting agencies, to

collection displays a valid OMB control number. The valid

financial and educational institutions, and to guaranty

OMB control number for this information collection is

agencies in order to verify your identity, to determine your

1845-0011. Public reporting burden for this collection of

eligibility to receive a loan or a benefit on a loan, to permit the

information is estimated to average 10 minutes per

servicing or collection of your loans, to enforce the terms of

response, including time for reviewing instructions,

the loans, to investigate possible fraud and to verify

searching existing data sources, gathering and maintaining

compliance with federal student financial aid program

the data needed, and completing and reviewing the

regulations, or to locate you if you become delinquent in your

collection of information. The obligation to respond to this

loan payments or if you default. To provide default rate

collection is required to obtain a benefit in accordance with

calculations, disclosures may be made to guaranty agencies,

34 CFR 674.34, 674.35, 674.36, 674.37, 682.210, or 685.204.

to financial and educational institutions, or to state agencies.

If you have comments or concerns regarding the

To provide financial aid history information, disclosures may

status of your individual submission of this form, please

be made to educational institutions.

contact your loan holder directly (see Section 6).

 

Page 4 of 4

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department of education hardship application completion process described (part 1)

2. Given that this array of fields is done, you have to include the essential specifics in deferment on your Direct Loans and, Yes Attach documentation of the, Have you received or are you, under a federal or state public, Qualifying programs include, Assistance for Needy Families TANF, Yes Attach documentation of the, Are you serving as a Peace Corps, Yes Attach documentation, Do you work full time, Fulltime employment means working, Onetwelfth of the Adjusted Gross, your most recent federal income, What is your family size, and Family size includes so that you can proceed to the third part.

Step # 2 in submitting department of education hardship application

When it comes to Onetwelfth of the Adjusted Gross and Fulltime employment means working, make certain you take another look here. These two are thought to be the most significant ones in this document.

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Find out how to prepare department of education hardship application step 3

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department of education hardship application conclusion process explained (portion 4)

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department of education hardship application completion process clarified (part 5)

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