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How to fill out the Form 3508 online
This guide offers a comprehensive, step-by-step approach to filling out the Form 3508 online. Designed to assist military members with their application for remission or cancellation of indebtedness, this guide ensures clarity and ease of understanding.
Follow the steps to accurately fill out the Form 3508.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Complete Section 1, starting with 'TO' by providing the complete address and phone number of the unit commander. Next, fill in ‘FROM’ with your name, rank, pay grade, and contact information, including your email address and military service dates.
- In Section II, report your average monthly income. Fill out your monthly gross military and civilian salary, then calculate the total gross salary.
- Section III requires you to detail your average monthly expenses. List each expense category, including rent, food, utilities, and any additional living expenses. Be sure not to duplicate any expenses.
- Proceed to Section IV to list all debts that require monthly payments. Specify the name and address of each creditor, along with the purpose, original amount, unpaid balance, and amount due monthly. Ensure to record any debts incurred.
- In Section V, provide additional data such as any bankruptcy declarations or enlistment bonuses received. Detail your financial standing and assets including cash, real estate, and vehicles.
- Fill out Section VI, which summarizes your combined monthly income and expenses. Calculate the balance and indicate how much you can apply towards your debt monthly.
- In Section VII, provide any additional remarks or necessary information regarding your application.
- Finally, complete Section VIII by signing and dating the application, affirming the information provided is accurate. Ensure that your immediate commander verifies financial data if you are an active-duty soldier.
- Once all sections are completed, save changes to your form. You may choose to download, print, or share the form as needed.
Start completing your Form 3508 online today to ensure your application is submitted on time.
The key difference between Form 3508EZ and Form 3508S lies in the eligibility criteria and complexity. Form 3508EZ is designed for borrowers who meet certain conditions, allowing for a simplified application process. In contrast, Form 3508S caters specifically to those with PPP loans of $150,000 or less, offering even fewer documentation requirements. Understanding these distinctions can help you choose the right form for your needs.
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