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An Economic
Hardship Deferment is intended to aid borrowers who earn less
than the minimum wage or who exceed the federally defined debt-to-income
ratio.
To apply
for an Economic Hardship Deferment the borrower must meet
at least one of the following eligibility criteria:
The borrower
is receiving payment from federal or state assistance programs
such as Aid to Families with Dependent Children, Supplemental
Security Income or Food Stamps.
The borrower
is working full time and the monthly gross income does not
exceed the greater of (a) Monthly Federal Minimum Wage or
(b) an amount equal to 100% of the Poverty Level for a family
of two.
| (a)
Monthly Federal Minimum Wage |
|
$5.85
hr = $1,014.00 mo
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| (b)
Monthly Poverty Level Family of Two |
| Most
States |
$1,140.83 |
| Alaska |
$1,426.67 |
| Hawaii |
$1,312.50 |
The borrower
is working full time but has an education debt burden that
is greater than 20% of the borrowers monthly gross income
and the difference between the monthly gross income and monthly
education debt payment is less than 220% of the amounts listed
in (a) and (b) above.
The borrower
does not work full time and has a monthly gross income that
does not exceed twice that in (a) or (b) above and, after
deducting the monthly education debt burden the remaining
monthly income does not exceed that in (a) or (b) above.
The borrower
has received Economic Hardship Deferment under the Federal
Direct Loan Program or Federal Perkins Loan Program
If you
believe you are eligible to receive an Economic Hardship Deferment
you will need to complete the Economic
Hardship Deferment Form, review the eligibility information
included, fill it out completely (attaching any additional
documentation required), sign, and return it to:
OSLA
Student Loan Servicing
P.O. Box 18145
Oklahoma City, OK 73154-0145
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