Forbearance is a temporary postponement of monthly payments for up to a year at a time not to exceed 3 years.
To apply for Forbearance, you must send a written request to our office at the beginning of the benefit period. Requests must be made by filling out the forbearance form (link below). Our Contact information can be found here. Failure to provide your request before the account goes into billing may result in late fees which must be paid BEFORE the forbearance can be processed. Late fees are calculated at a rate of $8 per month.
Borrower must fall within one of the following categories:
- Used for financial hardship or poor health.
- Service in military, Americorps, military mobilization or other national emergency.
Interest continues to accrue monthly. Borrower may pay interest during forbearance, but not required. Unpaid accrued interest must be paid at the end of the forbearance period.