Student loan borrowers may qualify for an economic hardship deferment for a maximum of three years if the borrower is experiencing economic hardship according to federal regulations. (For Loans obtained on or after July 1, 1993) Eligibility for an economic hardship deferment:

1. You must have a full-time employment
2. The combined monthly amount for your federal loan payments must exceed 20% of your monthly adjusted gross income or:
3. Your gross income is below 150% of the poverty level applicable to your family size or;
4. You have been granted an economic hardship deferment under either the FDSL or FFELP programs for the period of time for which you have requested an economic hardship deferment for your Federal Perkins, National Direct/National Defense/University Long-Term Student Loan’s or;
5. You are receiving payment under a federal or state public assistance program, such as Aid to Families with Dependent Children, Supplemental Security Income, Food Stamps, or state general public assistance.