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What information is needed to complete a financial hardship form?

A:

Quick Answer

The specific requirements for completing a financial hardship form vary depending on the entity issuing it, though in most cases applicant must provide proof of identity and verification of the economic hardship. Verification may consist of a letter of unemployment, enrollment in a state or federal assistance program or copies of medical bills.

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Full Answer

Most financial hardship forms require the applicant to provide proof of identity, typically by including her name and address with either a social security number or driver's license number. Depending on the agency issuing the form, the applicant may also need to include an identification number, such as to signify association with a loan or other program within the organization. The applicant must also provide proof of her financial hardship, which varies between forms and organizations. Many entities accept letters stating enrollment or participation in a government aid program, such as disaster relief or unemployment insurance, or copies of bills that show excessive balances due.

Financial hardship forms typically allow an applicant to obtain special privileges or periods of exemption due to an unforeseen strain on personal finances, with each overseeing entity maintaining its own standards and requirements for the process. For example, a student loan agency may offer deferment on repayments to current or former students who qualify for financial hardship status. Alternately, an employer may offer an part-time employee additional benefits or work allowances after providing proof of participation in a government aid program.

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