Economic Hardship Deferment Request Page 3
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1
2
3WORKSHEET: Monthly Gross Income Minus Monthly Loan Payments Must be Less than
Minimum Wage/Poverty Guidelines.
Regulations do not specify full-time employment. Include income from other sources in addition to employment.
Step 1:
÷
(a) Monthly Gross Income
(b) Hours Worked = (c) Hourly Wage
If (c)
is greater than twice minimum wage, or
NOTE:
Hourly Wage
$14.50, borrower DOES NOT qualify.
If (a)
is greater than twice Poverty
Monthly Gross Income
Guidelines borrower DOES NOT qualify.
Alaska: $ 2,298.00 /month
Hawaii: $2,116.00/month
Others: $1,839.00 /month
If borrower’s hourly wage/monthly gross income is NOT greater than twice minimum wage/Poverty Guidelines, go to Step 2.
Step 2:
)
(
Subtract (b) Student Loan Debt over 10 years from (a) Monthly Gross Income = (c) $ amount
(a) - (b) = (c)
÷
(c)$ amount
(d) Hours Worked = (e) Hourly Wage
If (e)
is greater than minimum wage of $7.25,
NOTE:
Hourly Wage
borrower
qualify.
DOES NOT
If (c) $ amount is greater than Poverty Guidelines for borrower’s state,
borrower
qualify.
DOES NOT
Alaska: $1,822.50 /month
Hawaii: $1,677.50 /month
Others: $1,458.75 /month
Borrower’s income minus all federal student loan debt over ten years must be less than or equal to greater of minimum wage or
Poverty Guidelines.
2014 HHS Poverty Guidelines
Persons in family
48 contiguous states and D.C.
Alaska
Hawaii
1
$11,670
$14,580
$13,420
2
15,730
19,660
18,090
3
19,790
24,740
22,760
4
23,850
29,820
27,430
5
27,910
34,900
32,100
6
31,970
39,980
36,770
7
36,030
45,060
41,440
8
40,090
50,140
46,110
4,060
5,080
4,670
For each additional person, add
SOURCE:
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