December 4, 2008

Economic Hardship Deferment Request Form Update

As an update to OGSLP's September 3 Online News article regarding the Economic Hardship Deferment Request form, the National Council of Higher Education Loan Programs (NCHELP) Program Operations Forms Subcommittee developed a detailed information sheet to assist lenders and servicers with the processing of Economic Hardship Deferment Request forms until the U.S. Department of Education (ED) publishes a revised form.

The Economic Hardship Deferment Request Information Sheet identifies the areas of the form impacted by the College Cost Reduction and Access Act (CCRAA), as well as the increase to the federal minimum wage and 2008 poverty guidelines. ED is currently working on these changes for the revised form, which will not reflect the new economic hardship deferment regulations found in the October 23, 2008 Final Rule that take effect July 1, 2009. As the definition of family size will change to include unborn children and other individuals, the form will require another revision later in 2009.

For more information, please contact our Policy, Compliance and Training (PCT) department at 405.234.4432 or pct@ogslp.org.