Many of the long term loans we service feature cancellation and deferment benefits. Please refer to the Promissory Note and other loan documents for details or contact us directly.
When you are unable to make your regular monthly payment, contact the Loan Repayment Office as soon as possible to discuss your options. There are several deferment/forbearance options available to you:
Unemployment Deferment – When you’re unemployed but seeking employment, there are several ways you may qualify for an unemployment deferment. These deferments defer both principal and interest.
Economic Hardship Deferment – When you’re employed but making insufficient income to cover your regular monthly expenses, including your loan payment to us. There are stipulations and certain requirements to be able to qualify for this type of deferment. This deferment also defers both principal and interest.
Forbearance – Similar to economic hardship deferments, except that the requirements to qualify are much lower, and only principal is deferred. Interest continues to accrue and must be paid.