Student Loan Collections

Economic Hardship
A borrower may be eligible for a deferment of up to one year at a time, not to exceed three years cumulatively, if the borrower provides the school with satisfactory documentation that he or she is within any of the following categories:

1. You have been granted an economic hardship deferment for either a Federal Stafford or PLUS Loan for the same period of time for which the Federal Perkins Loan deferment has been requested. You must provide documentation of the deferment.
2. You are receiving federal or state public assistance, such as Temporary Assistance to Needy Families (TANF), Supplemental Security Income, Food Stamps, or state general public assistance. You must provide documentation of these payments.
3. You are working full-time and your monthly gross income does not exceed $1,140.83 ($1,426.67 for Alaska, $1,312.50 for Hawaii).
4. You are not receiving total monthly gross income that is more than twice the amount listed in (3) above and that income minus an amount equal to your monthly payments on federal postsecondary education loans does not exceed the amount specified in (3) above.
5. You are working full time and have a federal educational debt burden that is 20% or more of your total monthly gross income and your total monthly gross income minus such burden is less than 220% of the amount specified in (3) above.
6. You are serving as a volunteer in the Peace Corps. You are eligible for an economic hardship deferment for your full term of service as long as this period does not collectively exceed three years of this deferment option.

For purposes of qualifying under option 3 or 5 of the economic hardship deferment, a borrower is considered to be working full time if he or she is expected to be employed for at least three consecutive months for at least 30 hours per week.

To qualify for a subsequent period of deferment that begins less than one year after the end of the deferment described in option 3 or 4 above, the borrower must submit a copy of his or her federal income tax return if the borrower filed a tax return within the eight months preceding the date the deferment is requested.

Maximum Length: 36 months. Borrowers must reapply every 12 months
Download Economic Hardship Deferment Request

Seeking Full-time Employment
A borrower may defer repayment on a Federal Perkins Loan or NC State University Institutional Loan if the borrower is seeking and unable to find full-time employment. Borrowers must be registered with an employment agency and be able to provide proof of such registration.

Maximum Length: 36 months

Download Deferment Form