When student loans work out your gross monthly income for deferment do they use the average over 3 months?
In other words do they take into consideration such things as overtime when considering you to be under the deferment threshold. As the overtime is not the same every month, some months there is none at all.
In other words do they take into consideration such things as overtime when considering you to be under the deferment threshold. As the overtime is not the same every month, some months there is none at all.
Edit: Thanks for your responses, guys, But i should have mentioned that this is for UK student loans, thanks again
Seth:
I presume you’re asking about qualifying for the hardship deferment on government student loans – most probably the Stafford.
The deferment program does make allowances for inconsistent weekly or biweekly income – your monthly “income” is your choice of:
1) “the amount of my monthly income from employment and other sources before taxes and deductions” OR
2) “one-twelfth of the amount of my income reported as “adjusted gross income” on my most recently filed federal income tax return.”
The second method seems preferable in your case, as it allows you to “even out” the variance in your month-to-month income stream.
I hope that helps you – good luck!
