Perkins Loan Services
Deferments
Economic Hardship
- Defer for up to 1 year at a time - not to exceed 3 years.
- Borrower must fall within one of the following categories:
- Automatic deferment if granted an economic hardship by a Stafford
or Plus loan - must provide copy of letter from lender stating acceptance
and giving the beginning and ending dates of the hardship period.
- Receiving federal or state public assistance.
- Working full time and total monthly gross income does not exceed $995.00.
- Total monthly gross income for full time work is not more than $1,990.00
and that income less the borrower's total monthly payment of Federal
Student Loans does not exceed $995.00.
- Borrower's federal educational debt burden is 20% or more of the borrower's
total monthly gross income for full time work and this income minus
this burden is less than 220% of $995.00.
- Serving as a volunteer in the Peace Corps
To qualify under the last 3 items above, the borrower must provide
evidence of the monthly gross income from all sources and evidence of
the federal educational debt burden. If a borrower qualifies under items
3 or 4 above and files for a subsequent period of deferment less that
one year after the end of a deferment, the borrower must submit a copy
of his or her federal income tax return if filed within the eight months
preceding the date of the deferment request.
Economic Hardship Form
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