Economic Hardship Deferment Request Page 3
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4SECTION 5: DEFINITIONS (CONTINUED)
A deferment is a period during which you are
Full-time employment means working at least 30 hours
entitled to postpone repayment of your loans. Interest is
per week in a position expected to last at least 3 consecutive
not generally charged to you during a deferment on
months.
your subsidized loans. Interest is always charged to you
The holder of your Direct Loans is the Department. The
during a deferment on your unsubsidized loans. On
holder of your FFEL Program loans may be a lender, guaranty
loans made under the Perkins Loan Program, all
agency, secondary market, or the Department. The holder of
deferments are followed by a post-deferment grace
your Perkins Loans is an institution of higher education or the
period of 6 months, during which time you are not
Department. Your loan holder may use a servicer to handle
required to make payments.
billing and other communications related to your loans.
Family size includes (1) you, (2) your spouse, (3)
References to “your loan holder” on this form mean either
your children if they receive more than half of their
your loan holder or your servicer.
support from you, including unborn children who will
A subsidized loan is a Direct Subsidized Loan, a Direct
be born during the deferment period, and (4) other
Subsidized Consolidation Loan, a Federal Subsidized Stafford
people if, at the time you request this deferment, they
Loan, portions of some Federal Consolidation Loans, Federal
live with you, receive more than half their support from
Perkins Loans, NDSL, and Defense Loans.
you, and will continue to receive this support from you
An unsubsidized loan is a Direct Unsubsidized Loan, a
for the deferment period. Support includes money, gifts,
Direct Unsubsidized Consolidation Loan, a Direct PLUS Loan, a
loans, housing, food, clothes, car, medical and dental
Federal Unsubsidized Stafford Loan, a Federal PLUS Loan, a
care, and payment of college costs.
Federal SLS, and portions of some Federal Consolidation
The Federal Family Education Loan (FFEL)
Loans.
Program includes Federal Stafford Loans, Federal PLUS
The William D. Ford Federal Direct Loan (Direct Loan)
Loans, Federal Consolidation Loans, and Federal
Program includes Federal Direct Stafford/Ford (Direct
Supplemental Loans for Students (SLS).
Subsidized) Loans, Federal Direct Unsubsidized Stafford/Ford
The Federal Perkins Loan (Perkins Loan) Program
(Direct Unsubsidized) Loans, Federal Direct PLUS (Direct PLUS)
includes Federal Perkins Loans, National Direct Student
Loans, and Federal Direct Consolidation (Direct Consolidation)
Loans (NDSL), and National Defense Student Loans
Loans.
(Defense Loans).
Table 1. Capitalization Chart
Treatment of Interest with
Loan Amt.
Capitalized
Outstanding
Monthly
Number of
Total Repaid
Deferment/Forbearance
Interest
Principal
Payment
Payments
Interest is paid
$30,000
$0
$30,000
$333
120
$41,767
Interest is capitalized at the
$30,000
$1,800
$31,800
$353
120
$42,365
end
Interest is capitalized
$30,000
$1,841
$31,841
$354
120
$42,420
quarterly and at the end
Table 2. 150% of the Poverty Guidelines for 2017 (Monthly)
Family Size
Alaska
Hawaii
All Others
1
$1,882.50
$1,732.50
$1,507.50
2
$2,536.25
$2,333.75
$2,030.00
3
$3,190.00
$2,935.00
$2,552.50
4
$3,843.75
$3,536.25
$3,075.00
5
$4,497.50
$4,137.50
$3,597.50
6
$5,151.25
$4,738.75
$4,120.00
7
$5,805.00
$5,340.00
$4,642.50
8
$6,458.75
$5,941.25
$5,165.00
Each add'l
$653.75
$601.25
$522.50
person, add
If you do not live in the United States, use the poverty guideline amount in the column labeled "All Others".
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