Common use of Collection of Trust Student Loan Payments Clause in Contracts

Collection of Trust Student Loan Payments. A. The Servicer shall make reasonable efforts (including all efforts that may be specified under the Higher Education Act or any Guarantee Agreement) to collect all payments called for under the terms and provisions of the Trust Student Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to similar student loans that it services on behalf of SLC. All amounts so collected by the Servicer shall be deposited into the Collection Account in accordance with Section 2.4 of the Administration Agreement. The Servicer shall allocate collections with respect to the Trust Student Loans between principal, interest and fees in accordance with Section 2.5 of the Administration Agreement. The Servicer may, in accordance with its customary servicing procedures, waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Trust Student Loan.