Request For Hardship Deferment Form (Page 2 of 2) in pdf

Federal Perkins Loans and/or National Direct Student Loans + $_______________________________________

Other eligible federal education loans

+ $_______________________________________

TOTAL AMOUNT BORROWED:

= $_______________________________________

(1) Circle the current interest rate for your FFEL Program loan(s) in the chart below. If your exact interest rate is not listed,

choose the next highest interest rate. If you have loans with different interest rates, circle the rate for the loan with the

highest interest rate.

Interest Rate

7.0%

7.5%

8.0%

8.5%

9.0%

Constant Multiplier

.0116108

.0118702

.0121328

.0123986

.0126676

(2) Multiply the TOTAL AMOUNT BORROWED from above by the constant multiplier listed directly below the interest

rate that you circled in the chart above:

TOTAL AMOUNT BORROWED

Constant multiplier (from the chart above) Estimated monthly payment*

$ ___________________________ X ______________________________

= $________________________

(3) Multiply the estimated monthly payment (from the line above) by 12:

Estimated monthly payment

ESTIMATED ANNUAL PAYMENT*

$___________________________ X

= $________________________

* This is an estimate of the amount that you would pay each year on your federal education loans if all of your loans were

scheduled to be repaid in fixed installments over a 10-year period, regardless of the actual repayment period for your

loans.

Line 1. Enter your adjusted gross income:

$___________________________

Line 2. Multiply the amount on Line 1 by .20 (= 20%):

$___________________________

Line 3. Enter your ESTIMATED ANNUAL PAYMENT:

$___________________________

Is the amount on Line 3 equal to or larger than the amount on Line 2?

1 Yes, proceed to next calculation.

1 No, you do not qualify for an economic hardship deferment.

Line 1. Enter your adjusted gross income:

$____________________________

Line 2. Enter your ESTIMATED ANNUAL PAYMENT:

$____________________________

Line 3. Subtract Line 2 from Line 1:

$____________________________

Line 4. Enter the amount listed below for your state:

$____________________________

Line 5.

$ 23,566.40

Line 6. Enter the larger of Line 4 or Line 5:

$____________________________

Line 7. Enter the amount from Line 3:

$____________________________

Is the amount on Line 7 less than the amount on line 6?

1Yes, you meet the qualifications for an economic hardship deferment.

1No, you do not qualify for an economic hardship deferment.

•

$24,750.00 (if you live in any state or the District of Columbia, except Alaska or Hawaii)

•

! $28,446.00 (if you live in Hawaii)

$30,932.00 (if you live in Alaska)

NOTE: If you are not currently living in the United States, use the amount for your last state of residence in the United

States.

Request For Hardship Deferment Form Page 2

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