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Payment Solutions - Deferments


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: 9/24/2013

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