Who qualifies for economic hardship deferment?

Not everyone will qualify for economic hardship deferment. To be eligible, if you’re working full time, your income cannot exceed 150% of the federal poverty guideline. You’re also eligible if you’re receiving certain federal benefits or you’re serving in the Peace Corps. Only full-time workers are eligible.

How long is an economic hardship deferment?

three years
The economic hardship deferment is granted one year at a time for a maximum of three years. The first three qualification categories are “automatic” as long as you can provide supporting documentation. These three categories are: Previous qualification for economic hardship deferment under another federal loan program.

How do I fill out an economic hardship deferment request?

You must fill out section 2 of the economic hardship deferment request form. To complete the form, you must provide a date that the deferment should begin. There are boxes to write in the date at the top of section 2. You must then choose the eligibility category that applies to you and check that box.

Will Great Lakes remove late payments?

Missed Payments Once a late or missed payment is reported, Great Lakes can’t remove it from your credit history unless there are extenuating circumstances or it’s determined that you were in school, in a deferment, or in your grace period.

Who qualifies for deferment?

You are eligible for this deferment if you’re enrolled at least half-time at an eligible college or career school. If you’re a graduate or professional student who received a Direct PLUS Loan, you qualify for an additional six months of deferment after you cease to be enrolled at least half-time. Important!

How do you qualify for deferment?

What does deferment only mean?

Deferment Only” means that U.S. students may defer. making payments on existing federal student loan accounts while enrolled in an eligible program at a deferment only foreign university or college, but may not take out federal student loans for enrollment at the deferment-only foreign university or college.

What are the forms for economic hardship deferment?

Economic Hardship Deferment Form (FFELP and Direct Loans) / Solicitud de Aplazamiento de Pago por Dificultades Económicas is available for Direct Loan, FFEL and Perkins loan borrowers.

Can a federal student loan be sent to Great Lakes?

Only federal loans are eligible. It’s important to keep in touch with Great Lakes, and any other student loan servicers you may have, while you’re on active duty. Update your contact information, including your email address, so we can get in touch with you about your student loans.

Who are the lenders for Great Lakes services?

As one of the nation’s leading student loan servicers, Great Lakes services Federal Direct Loan Program (Direct Lending) loans. FFELP loans were funded by private lenders, such as banks or credit unions, and are guaranteed by the federal government.

How to apply for Great Lakes Direct Consolidation Loan?

You’ll begin making payments toward your new loan, and we’ll provide you with the tools and resources needed to successfully manage your loan. You apply for a Direct Consolidation loan. For loans serviced by Great Lakes, contact us for help.