How to Apply for Economic Hardship Deferment for Your Student Loan

Times have been tough financially, especially during the holidays. If you find yourself struggling and not able to pay your student loans, try applying for an Economic Hardship Deferment. Below are steps needed to apply, if your loan is through Direct Loans.

Things You'll Need

• Computer
• Pay stubs
• Time

Instructions

1. 

   In order to apply for an Economic Hardship Deferment you will first need to go the the Direct Loans website, www.dl.ed.gov. Click on forms and then download the Economic Hardship Deferment form and print.

2. 

   Fill out form with all information at the top (name, address, phone, etc.). Then there is a spot for "Deferment request" and it asks you when you are requesting deferment to begin. make sure to put the date you stopped making payments, even if it has been a couple of months, the deferment will go back to that date and you will not be penalized for missing those payments.

3. 

   Next, you will need to check off the reason you are requesting a deferment. Reasons include: received economic hardship deferment under Federal Family Education Loan, you are receiving federal or state public assistance, you are serving in the Peace Corps, you work full-time with an income less than 150% of the poverty line, you do not work full-time, or you work full-time and your monthly education payments exceed 20% of your monthly income. make sure to include documentation of your reason (pay stubs, letters, etc.).

4. 

   Once completed, sign form at the bottom. Make photo copies for your records, because if you do not get a reply withing 60 days, resend the form and contact Direct Loans.

5. 

   Mail form to U.S. Department of Education; Direct Loan Servicing center; P.O. Box 5609; Greenville, TX 75403-5609.

6. 

   If you find yourself needing more assistance in completing your form you may contact Direct Loans at 1-800-848-0979.