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STEP 1
Are you working full–time?
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__ Yes
|
You do not qualify for an economic hardship deferment
based on condition (5). Do not continue with this worksheet.
|
|
__ No
|
Go to Step 2
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STEP 2
(1) Line 1. Enter the amount listed below for your state:
$
(2) Line 2. $ 1‚785.32
(3) Line 3. Enter the larger of Line 1 or Line 2: $
(4) Line 4. Enter your TOTAL MONTHLY GROSS INCOME: $
(5) Is the amount on Line 4 larger than the amount on Line
3?
|
__ Yes
|
You do not qualify for an economic hardship deferment
based on condition (5). Do not continue with this worksheet.
|
|
__ No
|
Go to Step 3.
|
Amounts for Line 1‚ above:
$1‚875.00 (if you live in any state or the District of
Columbia‚ except Alaska or Hawaii).
$2‚343.34 (if you live in Alaska).
$2‚155.00 (if you live in Hawaii).
NOTE: If you are not currently living in the United States‚
use the amount for your last state of residence in the United
States.
Step 3
Determine the total amount you borrowed in federal education
loans that are now in repayment by adding together the amounts
owed for the federal education loans listed below. You may
include defaulted loans only if you have made satisfactory
repayment arrangements with the holder of the loans.
|
|
Total Amount You Owed When Your Loans Entered Repayment
|
|
Federal Stafford Loans (subsidized and unsubsidized)
|
Federal Perkins Loans and/or National Direct Student
Loans
|
|
Direct Subsidized and Direct Unsubsidized Loans
|
$
|
|
Federal PLUS Loans
|
+$
|
|
Federal SLS Loans
|
+$
|
|
Federal SLS Loans
|
+$
|
|
Direct Consolidation Federal SLS Loans Loans
|
+$
|
|
Federal Perkins Loans and/or National Direct Student
Loans
|
+$
|
|
TOTAL AMOUNT BORROWED:
|
= $
|
STEP 4
(1) Circle the current interest rate for your FEEL Program
loan(s) in the chart below. If your exact interest rate is
not listed‚ choose the next highest interest rate. If
you have loans with different interest rates‚ circle
the rate for the loan with the highest interest rate.
|
Interest Rate
|
7.0¡
|
7.25¡
|
7.43¡
|
7.5¡
|
7.75%
|
8.0¡
|
8.25%
|
8.381
|
8.5%
|
8.75%
|
9.0%
|
|
Constant Multiplier
|
.0116108
|
.0117401
|
.0118337
|
.0118702
|
0120011
|
.0121328
|
.0122653
|
.0123345
|
.0123986
|
.0125237
|
.0126676
|
(2) Multiply the TOTAL AMOUNT BORROWED from Step 3 by the
constant multiplier listed directly below the interest rate
that you circled in the chart above:
|
TOTAL AMOUNT BORROWED
|
Constant multiplier
|
ESTIMATED MONTHLY PAYMENT’
|
|
$
|
X
|
|
$
|
This is an estimate of the amount that you would pay each
month on your federal education loans if all of your loans
were scheduled to be repaid in fixed installments over a i0–year
period‚ regardless of the actual repayment period for
your loans.
STEP 5
|
(1)
|
Line 1. Enter your TOTAL MONTHLY GROSS INCOME (from
Step 2):
|
$
|
|
(2)
|
Line 2. Enter your ESTIMATED MONTHLY PAYMENT (from
Step 4):
|
$
|
|
(3)
|
Line 3. Subtract Line 2 from Line 1:
|
$
|
|
(4)
|
Line 4. Enter the amount listed below for your state:
|
$
|
|
(5)
|
Line 5.
|
$ 892.66
|
|
(6)
|
Line 6. Enter the larger of Line 4 or Line 5:
|
$
|
|
(7)
|
Line 7. Enter the amount from Line 3:
|
$
|
|
(8)
|
Is the amount on Line 7 larger than the amount on Line
6?
|
|
| |
|
O Yes
|
You do not qualify for an economic hardship deferment
based on condition (5).
|
|
O No
|
You meet the qualifications for an economic hardship
deferment based on condition (5). Check the box
for condition (5) in Section 2 of the deferment
request.
|
|
Amounts for Line 4‚ above:
$ 937.50 (if you live in any state or the District of Columbia‚
except Alaska or Hawaii).
$1‚171.67 (if you live in Alaska).
$1‚077.50 (if you live in Hawaii).
NOTE: If you are not currently living in the United States‚
use the amount for your last state of residence in the United
States.
|
