Economic Hardship Deferment Calculator
Please click on the yellow boxes and enter your responses.
1. Total Monthly Payment on Federal Education Loan Debt (GSL, Stafford, Federal Direct, SLS, Perkins, PCL, HPSL, LDS, HEAL, PLUS, each amortized over 10 years, standard repayment) 2. Monthly Gross Income from all sources* 3. 20% of the monthly gross income from all sources Have the preliminary conditions been met? 0
If Yes: 4. State of Residence (use two-letter abbreviation: VA, AK, HI, etc) 5. 220% of your state's poverty level 6. Monthly gross income from all sources minus total monthly payment Eligible? 0
*This worksheet assumes the borrower is working full time and is making more than either (a) the federal minimum wage or (b) the 2007 poverty level for a family of two. *"All sources of income" does NOT include spouse income, only income earned by the borrower. Gross income is your income before taxes are deducted: If your annual salary is $48,000, then your monthly gross income is $4,000. Notes ► Residents earning the 2006/2007 average annual stipend of $43,266 would have a monthly gross income of $3,606, and would need a total monthly payment for all federal loans of $1,097 to qualify for economic hardship deferment.
ip Deferment Calculator
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