How to Get a Hardship Waiver for a Student Loan
Unless a student has a significant scholarship or he's been able to save up for all his education expenses, there is a good chance that he will need to take out a student loan to help pay for his college education. Upon graduating, the borrower must begin to make payments on the student loan. Because a student may have trouble immediately finding a job, or may have other periods of financial difficulty, he can receive a temporary waiver -- or deferment -- that allows him to not make payments for months at a time.
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Instructions
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Contact the organization servicing your loan as soon as you feel your financial situation will not allow you to make payments. Explain your situation to the representative. He will send you an economic hardship deferment request by post or by email.
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Fill out the economic hardship deferment request as soon as you receive it. Make sure you fill out all of the sections. Remember to fill out the top of Section 2, which asks you on what date you want to begin the deferment. You must also sign and date the form. Upon completing the form, mail it back to the organization that handles your loan.
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Continue to make payments until you receive a response from the organization that services your loan. When the organization receives your application, they will determine the length of the deferment and send to you a written response of their decision. In the event that they decide to not grant you a deferment, you should continue to make payments.
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Begin making payments again at the end of the deferment period. If you still are having an economic hardship, you can re-apply for a deferment. A loan can be deferred for up to three years.
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References
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