10.03.08 | Economic Hardship Deferment
“I can’t pay my bills, help!” I hear that unwanted phrase at least 10 times a day, and many others who don’t actually say it are thinking it. I can hear it in their voice.
For those in trouble, and I know there are many as the unemployment rate is holding steady at 6.1%, you have an option for your private loans. You can defer your loans after you consolidate for up to 12 months with an economic hardship deferment?
To qualify for an economic hardship deferment your student loan payment must exceed 20% of your gross monthly income, and your gross monthly income can not be more than 3X the Federal Poverty level in your state.
Also, as a back-up plan, anyone can qualify for a 12 months forbearance on their private loan consolidation just by requesting it. You don’t have to “qualify” financially for this.
If you have $10,000 or greater in private student loans and wish to consolidate (click here) now.
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What do I need to do to request a 12 month deference on my student loans that I am suppose to start making payments on in November?
Thanks for your quick response.
Bryan
October 14th, 2008 | #
What is the difference between the economic hardship deferment and a 12 month forebearance in terms of effects on your credit.
November 20th, 2008 | #
This information is completely incorrect. Private Loans are not eligible for the Economic Hardship Deferment. Only school deferments.
December 11th, 2008 | #
I am having lots of trouble trying to go to a trade school. I have prior student loans out from my 4 yr college that have gone into default. i dont qualify for financial aid and also i dont qualify for a consolidation loan either to get that taken care of. I am at a loss I dont know what else I can do to go to school. I really need some advice please help
January 5th, 2009 | #
am having lots of trouble trying to go to a trade school. I have prior student loans out from my 4 yr college that have gone into default. i dont qualify for financial aid and also i dont qualify for a consolidation loan either to get that taken care of. I am at a loss I dont know what else I can do to go to school. I really need some advice please help
January 24th, 2009 | #
For all those that are seeking advice, please go speak to your school financial aid counselors. That is what they are there for. Otherwise, go here to find more information about Forbearance and Deferment. http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
February 1st, 2009 | #