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I'm Unemployed / Underemployed. What are My Options?

The U.S Bureau of Labor Statistics reported that the national unemployment was 8.1% in February 2009 and is on the rise.

Paying back your student loan on time is an important responsibility but it can be tough when curve balls are thrown at you. National Education is here to assist you in managing your student loan during the good times and those tougher times.

If you are unemployed / underemployed and have a student loan in repayment or your loan is about to enter repayment, help is available. You may be eligible for an Unemployment Deferment while searching for full time employment because you:

What is an Unemployment Deferment?

An Unemployment Deferment will enable you to temporarily postpone making your monthly student loan payments during a specific time period. Deferments are an entitlement to help borrowers manage their Federal Stafford, PLUS, GradPLUS and Consolidation loans.

Things to Know about an Unemployment Deferment

When considering an Unemployment Deferment, be aware:

How to Request an Unemployment Deferment

Completing an Unemployment Deferment form is easy but it's important that you act quickly. Your payments will continue to be required until the deferment request is completed, submitted, and approved.

To initiate the process, download and complete the Unemployment Deferment
form
. Follow the instructions on the form. Once complete, this form and any supporting documentation can be faxed to (800) 345-9588 or mailed to:

National Education Servicing
200 W. Monroe Street, Suite 700
Chicago, IL 60606

Helpful Hints: Section 2

Item 1: The first date requested on the form is the date you became unemployed or started working less than 30 hours per week. The deferment will begin on this date unless you provide a later date in the space provided. The deferment may never begin more than 6 months before we receive your request.

Unemployment Deferment Item 1

Item 2: Choose A or B as it applies to your situation. When selecting B, you must submit documentation to prove the dates you are eligible to receive unemployment benefits (must show start and end dates, as well as amounts to be paid).

Unemployment Deferment Item 2

Remember, deferments are here to help you manage your student loan. For a list of additional deferments, click here.

Questions? Contact our Customer Service department at customerservice@nationaled.net or (800) 345-4325.

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