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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Level 1 PHP 5.0 Developer/Object Oriented Programmer

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 | #