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This graph can be used as a general guideline to help you determine whether or not you are likely to qualify for an economic hardship deferment under condition six. Locate the point that your annual income intersects your total federal student loan debt on the graph. If this point is above the line, you likely qualify for an economic hardship deferment. Qualification Condition- (6) Work more than 30 hours per week(full time) and Your student loan payments are more than 20% of your monthly gross income and Your monthly gross income after your student loan payment(s) is less than 330% of the federal poverty level based on family size. |
Annual Income | Monthly Income | Qualify with Stafford Loans at 6.8% | Qualify with Federal Loans at 5.38%* |
| $31,000 | $2,583 | $44,900 | $47,900 | |
| $32,500 | $2,708 | $47,100 | $50,200 | |
| $35,000 | $2,916 | $50,700 | $54,050 | |
| $37,500 | $3,125 | $54,400 | $57,950 | |
| $40,000 | $3,333 | $58,000 | $61,650 | |
| $42,500 | $3,541 | $61,550 | $65,650 | |
| $45,000 | $3,750 | $77,350 | $82,500 | |
| $47,500 | $3,958 | $95,500 | $101,750 | |
| $50,000 | $4,166 | $113,500 | $121,000 | |
| $52,500 | $4,375 | $132,000 | $140,400 | |
| $55,000 | $4,583 | $149,750 | $159,650 | |
| $57,500 | $4,791 | $168,700 | $178,950 | |
| $60,000 | $5,000 | $186,000 | $198,300 | |
| $62,500 | $5,208 | $204,500 | $217,600 | |
| $65,000 | $5,416 | $222,500 | $236,850 | |
| $67,500 | $5,625 | $240,500 | $256,200 | |
| *The interest rate represents the weighted average of a portfolio of student loans where 1/4th of the loans are fixed at 2.875%, 1/4th of the loans are fixed at 4.75%, and 1/2 of the loans are fixed at 6.8%. | ||||