Who Qualifies for Student-Loan Payment Relief?
This table summarizes some of the deferment and forbearance options available to Federal Stafford-loan borrowers whose loans were issued since July 1, 1993. Different deferment options apply to borrowers with Stafford loans issued prior to July 1, 1993.
| |
Deferment |
Forbearance |
| Unemployment |
Economic Hardship |
In-School |
|
| Who Qualifies* |
Borrower must be actively seeking, but unable to find, full-time employment in the United States. |
Borrower must:
Be receiving federal or state public-assistance payments; or
Be working full time and earning less than the federal minimum wage or the poverty level for a family of two; or
Be working full time and have total federal education-loan payments that exceed 20 percent of borrower's monthly income.
|
Borrower must be enrolled full-time or at least half time in course of study at eligible postsecondary institution. |
Borrower must be experiencing financial hardship and must be unable to make monthly loan payments. Borrower must receive authorization from lenders or loan servicers. |
| What to File |
Borrower must provide evidence of eligibility for unemployment benefits or file Unemployment Deferment Request form and supporting documentation with lender or loan servicer. |
Borrower must file Economic Hardship Deferment Request form and supporting documentation with lender or loan servicer. |
May be granted based on enrollment verification information, or borrower may file In-School Deferment Request form with lender or loan servicer. |
Must file Request for Forbearance form and other supporting documentation with lender or loan servicer. |
| Maximum Term |
Three years. |
Three years. |
Unlimited, as long as enrolled. |
One year for each request. |
*Summarizes qualifications; additional standards may apply.