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How to Defer payments for financial hardship - not unemployed

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Hello All,
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I have been searching high and low to find out how to qualify for a deferment, but I just keep seeing the same info over and over. I see general descriptions, but I want to see how to qualify for financial hardship reasons and I am not unemployed.
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Here is my situation:
Federal Subsidized Stafford Loan $16,275 6.8%
Federal Unsubsidized Stafford Loan $10,789 6.8%
Total Principle: $27,064
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Out of School. Grace period ends 9/2/12
Income: $55k/year
Spouse has defaulted student loans about $75k
Last year’s adjusted AGI on our joint tax return: $54,944 ( all income was mine )
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I am looking for a deferment because I have excessive debt. Credit cards, husband’s medical bills, house in foreclosure. If you look at my current debt to income, it is obvious I can’t make the bills that I have now. My first payment will not be due until next month.
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Can anyone offer any assistance on how I can get a deferment in my situation? The internet is full of general guidelines, of which it seems I don't qualify; however, I have found some short blurbs saying that I may qualify for deferment if I have an excessive debt to income ratio. Does anyone know about this, or have any advice on how to qualify for deferment this way?
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I would like to get as much info as I can before I call my servicer for options so I know if they are really doing everything they can to assist me.

Thanks




Have you consoldiated your loans yet??? If not, get it done!!! Your husband should be consolidating his too (if they are federal) or he will be looking at a wage garnishment and tax offset.

You are unemployed. SImply do the paperwork asap and get it submitted. Getting a deferment is easy peasy.

Sub: #1 posted on Tue, 08/21/2012 - 07:29

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