When should you apply for a student hardship loan?

You should apply for a student hardship loan only if you have exhausted other options to ease your repayment schedule. For example, you may be eligible to defer your loans to a later date or even receive forbearance until you can bring your loans current. Federal student borrowers can apply for these options if they have experienced a period of hardship rendering the payment of their loans extremely challenging. Typically, you will qualify as long as your loans are current and you have not used these options in the past. If you do not qualify, and you face default on your loans without assistance, you may apply for a hardship loan. This will allow you to repay your debts with a new loan.

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