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Unemployment
To qualify for an Unemployment Deferment you must meet
one of the following criteria:
- You can document eligibility for unemployment benefits.
- You can document that you are diligently seeking but
are unable to find full-time employment (defined as working
at least 30 hours per week in a position expected to
last at least three months) in any field or at any salary
or responsibility level and you have registered with
a public or private employment agency if there is one
within a 50-mile radius of your current address (NOTE:
School placement offices and “temporary” agencies
do not qualify as public or private employment agencies).
- If you are requesting an extension of a current unemployment
deferment and you do not provide documentation of eligibility
for unemployment benefits, you must document that you
are unable to find full-time employment, you have registered
with a public or private employment agency if there is
one within a 50-mile radius of your current address AND
you must certify that you have made at least six diligent
attempts to find full-time employment during the most
recent six months.
For borrowers whose first loans were made
before July 1, 1993, the maximum cumulative
eligibility is 24 months. For borrowers whose
first loans were made on or after July 1, 1993,
the maximum cumulative eligibility is 36 months.
The Unemployment Deferment will last no more
than six months and all borrowers must reapply
every six months.
Download
Unemployment Deferment Now
Updated: 07/15/2008
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