Economic Hardship Deferment

All outstanding loans for the borrower must be made on or after July 1, 1993.

Effective Oct. 1, 2007, the law that governs the requirement of an applicant applying for a FFELP Economic Hardship Deferment changed. The poverty line for an applicant has been raised to 150% of the poverty line for the borrower’s family size. When you apply for this deferment you will be required to inform Iowa Student Loan of your family size.

If you have Federal Stafford, Supplemental Loans for Students (SLS), PLUS or Consolidation loans, you may request an economic hardship deferment if you:

• Experience economic hardship and meet the income qualifications listed on the deferment form.
• Serve as a Peace Corps volunteer.
• Receive or received payments under a federal or state public assistance program.
• Are granted an economic hardship deferment under the William D. Ford Federal Direct Loan Program or the Federal Perkins Loan Program.

Download the Economic Hardship Deferment Form (PDF).