Qualifying for the Economic Hardship Deferment is not all of that hard, and it is one of the most popular of this deferment kinds, because it’s relatively easy to show.
Economic hardship deferments last for a time period of one at a time, and are available for a maximum of three years in total year.
Then you will automatically qualify for a student loan deferment for economic hardship if you can provide supporting documentation for one of the following categories:
- Previous Qualification – If you’ve already qualified for the financial difficulty deferment under another federal loan system, then just providing that proof will qualify you for the financial difficulty education loan deferment
- Receipt of Federal or State Public Assistance Benefits – If you’re receiving payments under any federal or state public assistance programs, like SSI, TANF, Food Stamps, etc., and you may show it, then you’ll qualify for the financial difficulty deferment
- Peace Corps Volunteers – If you can prove that you’re working being a Peace Corps volunteer, you’ll automatically be eligible for a an economic difficulty deferment
In the event that you can’t satisfy among the after conditions above, you can easily nevertheless be eligible for an economic difficulty deferment if you’re able to illustrate that you are working full-time, your month-to-month earnings does not meet or exceed the larger of:
