Loan Forbearance Sample Clauses

Loan Forbearance. The Member is eligible to have the repayment of certain student loans postponed during their term of service. Members must request forbearance from their loan holders with the National Service Forbearance Request Form. The National Service Trust does not grant forbearances; the loan holders do. Members whose loans are in current default status are not eligible for this benefit.
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Loan Forbearance. If member has received forbearance on a qualified student loan during the term of service, the National Service Trust may repay a portion or all of the interest that accrued on the loan during the term of service.
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Loan Forbearance. ‌ The member is eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. Members do not have to make payments on eligible loans during a period of forbearance, although interest continues to accrue. The member must request forbearance from their loan holder through their My AmeriCorps online account. The member must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for loan forbearance. Payment of Interest on Qualified Student Loans‌ Upon successful completion of a term of service, the National Service Trust will pay, on behalf of the borrower (the member), all or a portion of the interest that accrued on a qualified student loan during the member's term of service. A qualified student loan is 1) any loan, made, insured, or guaranteed pursuant to Title IV of the Higher Education Act of 1963, as amended, other than a loan to a parent of a student pursuant to section 428B of such Act; 2) any loan made pursuant to Titles VII or VIII of the Public Health Service Act; and 3) any loan determined by a Title IV institution of higher education to be necessary to cover a student's cost of attendance at such an institution and made directly to a student by a state agency. The loan must have been in forbearance, deferment, or a grace period during this period. Payment will only be made to the loan holder. The payment, like payments from the member's education award, is considered taxable income in the year the payment is made. If the member obtains loan forbearance at the beginning of their term of service, they must submit an Interest Accrual Form to their loan holder up to 30 days before their service ends. Submission is made through the member’s My AmeriCorps account. The loan holder will complete the applicable portion of the form, compute the total accrued interest, and send it to the Trust for payment. The Trust will only pay interest if the member completes their term of service and receives an education award. This amount, in addition to the education award, is taxable. Living Allowance (Stipend members only) For stipend members, the living allowance is designed to help the member meet necessary living exp...
Sample 1
Loan Forbearance. Upon enrollment and acceptance into the program, the member is eligible for forbearance of any qualified student loans. If the member has received forbearance on a qualified student loan during the term of service, the National Service Trust will repay a portion or all of the interest that accrued on the loan during the term of service. The member may access her/his MyAmeriCorps account and from there can submit a loan forbearance request. After her/his term of service is completed, the member can submit an interest accrual request and can also access her/his education award. The member agrees to complete the tasks designated in the attached High Rocks AmeriCorps Member Service description. The attached service description is a part of this formal contract. The member understands that to successfully complete the term of service, as defined by the program and consistent with regulations of the Corporation for National and Community Service (CNCS), and to be eligible for the education award, she/he must complete the required minimum number of hours of service, satisfactorily complete the appropriate education/training that relates to the member’s ability to perform service, and complete all required service reports in a timely manner. The member will meet with their supervisor each week. During these supervision meetings, members are required to bring a completed list priorities. Your supervisor will have samples of these documents. The member is responsible for turning in their OnCorps timesheets on the appropriate due dates, which are the 15th and last day of each month. Failure to submit timesheets on those dates will result in your living stipend being withheld; for direct deposit, your check will not be deposited, it will be printed as a paper check and held until we receive your timesheet. A maximum of 20% of the member’s hours may be training, education, or other similar approved activities and a maximum of 10% may be fundraising. The member and the program may agree, in writing, to extend this term of service for the following reasons: The member’s service has been suspended due to compelling personal circumstances. The member’s service has been terminated, but a Whistleblower policy procedure has resulted in reinstatement. If the member and the program agree to extend this term of service, the program is required to submit this request in writing to the Corporation of National Service. Extensions will then be considered and evaluated by the AmeriCo...
Sample 1
Loan Forbearance. The member is eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. Members do not have to make payments on eligible loans during a period of forbearance, although interest continues to accrue. The member must request forbearance from their loan holder through their My AmeriCorps online account. The member must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for loan forbearance.
Sample 1
Loan Forbearance. Individuals who are serving a term of service in an approved AmeriCorps position may be eligible to temporarily postpone the repayment of their qualified student loans through an action called loan forbearance. Members must request forbearance from the loan holder by completing the National Service Forbearance Request Form. The National Service Trust does not grant forbearances; the loan holders do. Members whose loans are in current default status are not eligible for this benefit.
Sample 1

Related to Loan Forbearance

  • Forbearance Any forbearance by Xxxxxx in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender's right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower's obligations under this Note shall not constitute an election by Xxxxxx of remedies so as to preclude the exercise of any other right or remedy available to Lender.

  • Amendment of Credit Agreement The Credit Agreement is hereby amended as follows:

  • Borrower Not Released; Forbearance By Lender Not a Waiver Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Xxxxxx to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender’s acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy.

  • Forbearance Period During the Forbearance Period, the Noteholders shall not exercise or enforce any remedy against the Company or the Guarantor arising solely out of, or resulting solely from, the Specified Defaults. Upon the termination or expiration of the Forbearance Period, the Noteholders shall be entitled to exercise all of their rights and remedies, including, without limitation, those arising under this Agreement and each Transaction Document, or at law or equity. Nothing herein constitutes a waiver of the Specified Defaults or a waiver of any requirement that the Company or the Guarantor pay the amounts owing in respect of the Notes and the Note Agreement except as expressly set forth herein, and the Company acknowledges that no Noteholder has committed to waive the Specified Defaults, any other Defaults or Events of Default, or any payments required under the Notes or the Note Agreement, nor shall any Noteholder be obligated to forbear from exercising any remedies with respect to the Specified Defaults following the expiration or termination of the Forbearance Period. In addition, notwithstanding any provision of this Agreement, none of the Noteholders is restricted from asserting any action or position in any insolvency proceeding involving the Company or the Guarantor, specifically including, without otherwise limiting, any pending or future proceeding under Title 11 of the United States Code. Each of the parties hereto acknowledges and agrees that (x) from and after the termination of the Forbearance Period, the Notes shall accrue interest at the Applicable Rate, and (y) on and after the Forbearance Termination Date the Specified Defaults are, and shall continue to remain, outstanding under the Note Agreement unless otherwise expressly waived in writing by the Required Holders. The Noteholders reserve their respective rights, in their discretion, to exercise any or all of their rights and remedies under this Agreement and each Transaction Document as a result of the Specified Defaults on and after the Forbearance Termination Date, provided that the Noteholders hereby agree to waive any right to apply a default rate of interest in addition to the Applicable Rate provided herein.

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