Economic Hardship Deferment Request Page 2
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4Borrower Name
Borrower SSN
SECTION 3: BORROWER REQUESTS, UNDERSTANDINGS, CERTIFICATIONS, AND AUTHORIZATION
I request:
• To defer repayment of my loans for the period during which I have an economic hardship, as described in Section 2.
• That my deferment begin on:
If indicated, to make interest payments on my loans during my deferment.
•
I understand that:
• I am not required to make payments of loan principal or interest during my deferment.
• My deferment will begin on the later of the date I became eligible or the date that I requested.
• My deferment will end on the earlier of the date that I exhaust my maximum eligibility, the certified deferment end
date, or when I am no longer eligible for the deferment for another reason.
• If I am a Perkins Loan borrower, I will receive a 6-month post-deferment grace period beginning on the date I no
longer qualify for the deferment.
• Unless I am a Peace Corps volunteer, my deferment will be granted in increments of 1 year. If I continue to be eligible
for an Economic Hardship Deferment after 1 year, I may reapply, subject to the cumulative maximum.
• Interest may capitalize on my loans during or at the expiration of my deferment or forbearance, but interest never
capitalizes on Perkins Loans.
I certify that:
• The information I have provided on this form is true and correct.
• I will provide additional documentation to my loan holder, as required, to support my deferment eligibility.
• I will notify my loan holder immediately when my eligibility for the deferment ends.
• I have read, understand, and meet the eligibility requirements in Section 2.
I authorize the entity to which I submit this request and its agents to contact me regarding my request or my loans at any
cellular telephone number that I provide now or in the future using automated telephone dialing equipment or artificial or
prerecorded voice or text messages.
Date
Borrower's Signature
SECTION 4: INSTRUCTIONS FOR COMPLETING THE DEFERMENT REQUEST
Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Example: March 14, 2015 = 03-14-2015. Include
your name and account number on any documentation that you are required to submit with this form. If you want to apply
for a deferment on loans that are held by different loan holders, you must submit a separate deferment request to each loan
holder. Return the completed form and any required documentation to the address shown in Section 6.
SECTION 5: DEFINITIONS
Capitalization is the addition of unpaid interest to
The example loan has a 6% interest rate and the example
the principal balance of your loan. Capitalization causes
deferment or forbearance lasts for 12 months and begins
more interest to accrue over the life of your loan and
when the loan entered repayment. The example compares
may cause your monthly payment amount to increase.
the effects of paying the interest as it accrues or allowing it to
Interest never capitalizes on Perkins Loans. Table 1
capitalize.
(below) provides an example of the monthly payments
and the total amount repaid for a $30,000 unsubsidized
loan.
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