Can a student who takes out his first loan on or after July 1, 1993, and subsequently joins the Peace Corps qualify for an economic hardship deferment?
Yes. A Peace Corps volunteer with loans first disbursed on or after July 1, 1993, may now provide the lender/servicer with a signed and dated Economic Hardship Deferment Request form (HRD), and documentation from the Peace Corps showing that the borrower will be serving as a Peace Corps volunteer. Lenders are no longer required to gather financial data before granting an economic hardship deferment to borrowers serving in the Peace Corps. Borrowers with loans first disbursed prior to July 1, 1993, will continue to apply for a deferment for service in the Peace Corps by completing the Public Service Deferment Request form (PUB).
Related Questions
- Can a student who takes out his first loan on or after July 1, 1993, and subsequently joins the Peace Corps qualify for an economic hardship deferment?
- Does a mortgage broker or lender need to be a FHA approved lender to originate a single family loan that is subsequently insured by FHA?
- If Federal PLUS Loan funds create a FSA credit balance, may the funds be paid to the student instead of the parent borrower?
