Pursuant to your request, the amount that is due on your account is being considered for a deferment. Because of the deferment of installment(s), if approved, the maturity date on your account will be extended.
If your account is interest bearing, please be advised that interest will continue to accrue during the deferment period. As you resume making your scheduled payments, this accrued interest will have to be paid off in full before any portion of your subsequent payments will be allocated towards the outstanding principal. This could result in slower principal reduction and more interest being paid over the life of your loan than originally disclosed to you in your loan agreement.
If you purchased insurance coverage at the time you obtained your loan, the coverage will not extend beyond the original contractual maturity date. Please also take note that any credit reporting of your account that has occurred prior to this deferment will not be revised.
If your deferment request is not approved, we will notify you. Also, please note that if your deferment requires that a qualifying payment be made and that qualifying payment is dishonored, this deferment request will not be satisfied. Otherwise, the deferment will be processed as provided herein.
