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ECONOMIC HARDSHIP DEFERMENT
WORKSHEET B
Use this worksheet to determine if you are eligible
for an economic hardship determent based on condition
(6) in Section 2 of the Economic Hardship Deferment
Request form. Completion of this worksheet is optional
– if you check condition (6)‚ your loan holder
will determine your eligibility based on the income
and federal education debt documentation that you provide.
DO NOT RETURN THIS WORKSHEET WITH THE DEFERMENT REQUEST
– KEEP IT FOR YOUR RECORDS.
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OMB No.1845–0005
Form Approved
Exp. Date 06/30/2002
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STEP 1
Are you working full–time?
___ Yes Go to Step 2.
___No You do not qualify for an economic hardship deferment
based on condition (6). Do not continue with this worksheet.
STEP 2
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.
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Loan Type
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Total Amount You Owed When Your Loans Entered Repayment
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Federal Stafford Loans (subsidized and unsubsidized)
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$
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Direct Subsidized and Direct Unsubsidized Loans
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+ $
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Federal PLUS Loans
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+ $
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Direct PLUS Loans
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+ $
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Federal SLS Loans
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+ $
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Federal Consolidation Loans
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+ $
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Direct Consolidation Loans
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+ $
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Federal Perkins Loans and/or National Direct Student
Loans
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+ $
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Other eligible federal education loans listed in Section
5
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+ $
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TOTAL AMOUNT BORROWED:
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= $
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STEP 3
(1) Circle the current interest rate for your FFEL 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.
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Interest Rate
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7.0 %
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7.25 %
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7.43%
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7.5 %
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7.75%
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8.0%
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8.25 %
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8.38 %
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8.5 %
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8.75%
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9.0%
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Constant Multiplier
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.0116108
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.0117401
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.0118337
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.0118702
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.0120011
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.0121328
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.0122653
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.0123345
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.0123986
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.012537
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.0126676
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(2) Multiply the TOTAL AMOUNT BORROWED from Step 2 by the
constant multiplier listed directly below the interest rate
that you circled in the chart above:
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TOTAL AMOUNT BORROWED (from Step 2)
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Constant multiplier (from the chart above)
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Estimated monthly payment*
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$
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X
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=
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$
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(3) Multiply the estimated monthly payment (from the line
above) by 12:
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Estimated monthly payment
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ESTIMATED ANNUAL PAYMENT*
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$
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X
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=
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$
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This is an estimate of the amount that you would pay each
year on your federal education loans if all of your loans
were scheduled to be repaid in fixed installments over a f
0–year period‚ regardless of the actual repayment
period for your loans.
STEP 4
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(1)
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Line 1. Enter your adjusted gross income:
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$
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(2)
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Line 2. Multiply the amount on Line 1 by .20 (= 20%):
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(3)
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Line 3. Enter your ESTIMATED ANNUAL PAYMENT (from Step
3):
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(4)
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Is the amount on Line 3 equal to or larger than the
amount on Line 2?
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____Yes
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Go to Step 5.
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____ No
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You do not qualify for an economic hardship deferment
based on condition (6). Do not continue with this worksheet.
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STEP 5
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(1)
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Line 1. Enter your adjusted gross income:
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$
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(2)
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Line 2. Enter your ESTIMATED ANNUAL PAYMENT (from Step
3):
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$
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(3)
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Line 3. Subtract Line 2 from Line 1:
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$
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(4)
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Line 4. Enter the amount listed below for your state:
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$
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(5)
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Line 5.
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$ 23.566.40
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(6)
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Line 6. Enter the larger of Line 4 or Line 5:
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$
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(7)
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Line 7. Enter the amount from Line 3:
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$
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(8)
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Is the amount on Line 7 less than the amount on line
6?
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$
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__Yes
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You meet the qualifications for an economic hardship
deferment based on condition (6). Check the box for
condition (6) in Section 2 of the deferment request.
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__ No
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You do not qualify for an economic hardship deferment
based on condition (6).
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Amounts for Line 4‚ above:
$24‚750.00 (if you live in any state or the District
of Columbia‚ except Alaska or Hawaii). $30‚932.00
(if you live in Alaska). $28‚446.00 (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.
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